Check my work Onslow Co. purchases a used machine for $192,000 cash on January 2 and readies it for use the next day at a $8,000 cost. On January 3, it is installed on a required operating platform costing $1,600, and it is further readied for operations. The company predicts the machine will be used for six years and have a $23,040 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of. Part 3 of 3 3. Prepare journal entries to record the machine's disposal under each of the following separate assumptions: 0.5 points Skipped (a) it is sold for $22,500 cash; (b) it is sold for $90,000 cash; and (c) it is destroyed in a fire and the insurance company pays $33,000 cash to settle the loss claim. eBook View transaction list Print Journal entry worksheet References Record the sale of the used machine for $22,500 cash. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Journal entry worksheet