CUIELLT IUIVUIN. ClopelU 1 Required information Part 1 of 3 (The following information applies to the questions displayed below.] Onslow Co. purchased a used machine for $144,000 cash on January 2. On January 3, Onslow paid $6,000 to wire electricity to the machine and an additional $1,200 to secure it in place. The machine will be used for six years and have a $17,280 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. points Required: eBook 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. Print View transaction list View journal entry worksheet References General Journal Credit No 1 Date Jan 02 Debit 144,000 Machinery 144,000 2 Jan 03 6,000 6,000 3 Jan 03 1,200