C Required information Problem 8-6A (Static) Disposal of plant assets LO C1, P1, P2 The following information applies to the questions displayed below) Onslow Co. purchased a used machine for $178,000 cash on January 2, On January 3, Onslow paid $2,840 to wire electricity to the machine and an additional $1,160 to secure it in place. The machine will be used for six years and have a $14,000 salvage value Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of Problem 8-6A (Static) Part 1 Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred, acer 0 0 $ 4 3 96 15 & 7 6 00 0 Y C 0 P d f g h j k