Check my work 3 ! Part 1 of 3 Required information The following information applies to the questions displayed below.) Onslow Co. purchased a used machine for $240,000 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 $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. 1 points eBook Print 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. References View transaction list View journal entry worksheet No Date General Journal Debit Credit 7 1 Jan 02 257,000 Machinery Cash 257,000 2 Jan 03 Depletion expense Accumulated depreciation Machinery Check my work 4 Part 2 of 3 Required information {The following information applies to the questions displayed below.] Onslow Co. purchased a used machine for $240,000 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 $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. 1 points eBook 2. Prepare journal entries to record depreciation of the machine at December 31. Print References View transaction list X > Record the first year year-end adjusting entry for the depreciation expense of the used machine. pense of 2 Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine