Help Required information The following information applies to the questions displayed below) Onslow Co. purchases a used machine for $178,000 cash on January 2 and readies it for use the next day at a $2,840 cost. On January 3, it is installed on a required operating platform costing S1160, and it is further readied for operations The company predicts the machine will be used for six years and have a $14,000 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 3. Prepare journal entries to record the machine's disposat under each of the following separate assumptions: 1. Record the sale of the used machine for $15,000 cash 2. Record the sale of the used machine for $50,000 cash 3. Record the insurance settlement received of $30,000 resulting from the total destruction of the machine in a fire Viewraction that Journal entry worksheet 1 2 3 Record the sale of the used machine for $15,000 cash Enter den before credes General Journal D Credit Dec 31 Chart View general journal Record the sale of the used machine for $50,000 cash Note: Enter debits before credits General Journal Dobit Credit Data Dec 31 Record entry Clear entry View general Journal 8 W Record the insurance settlement received of $30,000 resulting from the total destruction of the machine in a fire. Note: Enter debits before credits Date General Journal Dabit Credit Dec 31 Record entry Clear entry View general Journal