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! Required information Problem 10-6A Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.] Onslow Co. purchases a used machine for $240,000 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 $28,800 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. Problem 10-6A Part 3 3. Prepare journal entries to record the machine's disposal under each of the following separate assumptions: 1. Record the sale of the used machine for $20,500 cash. 2. Record the sale of the used machine for $82,000 cash. 3. Record the insurance settlement received of $31,000 resulting from the total destruction of the machine in a fire. Yiew transaction list Journal entry worksheet Record the sale of the used machine for $20,500 cash. Note: Enter de Accumulated amortization Accumulated depletion Accumulated depreciation-Machinery Amortization expense Date Dec 31 Credit Debit 20,500 184,000 Record entry Clear entry View general journal Journal entry worksheet Record the sale of the used machine for $82,000 cash. Note: Enter debits before credits. General Journal Debit Credit Date Dec. 31 Record entry Clear entry View general journal the machine in a fire. View transaction list Journal entry worksheet Record the insurance settlement received of $31,000 resulting from the total destruction of the machine in a fire. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal