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Required information Problem 8-6A Disposal of plant assets LO C1, P1, P2 (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 $8,000 to wire electricity to the machine and an additional $1,600 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 Problem 8-6A Part 3 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $21,000 cash: (b) it is sold for $84.000 cash; and (it is destroyed in a fire and the insurance company pays $31,500 cash to settle the loss claim. View transaction list Journal entry worksheet 1 2 3 Record the sale of the used machine for $21,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general Journal View transaction list Journal entry worksheet N 3 > Record the sale of the used machine for $84,000 cash. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 LLLLLLLLL Record the insurance settlement received of $31,500 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