Che Onslow Co. purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine and an additional $2,000 to secure it in place. The machine will be used for six years and have a $23,040 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of 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. View transaction list Journal entry worksheet 1 2 3 Record the purchase of a used machine for $192,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Journal entry worksheet 1 2 3 Record the costs of $10,000 incurred on the used machine. Note: Enter debits before credits. Date General Journal Debit Credit Jan 03 COP Journal entry worksheet Record the first year year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 View transaction list Journal entry worksheet