Help Save & Exit Su Required information [The following information applies to the questions displayed below) Onslow Company purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional $1600 on January 4 to secure the machine for operation. 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 Required: 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. View transaction lit Journal entry worksheet 1 2 3 Record the purchase of a used machine for $240,000 cash. Note: Enter debits before credits General Journal Date January 02 Debit Credit Required information (The following information applies to the questions displayed below) Onslow Company purchased a used machine for $240,000 cash on January 2 On January 3, Onslow paid $8,000 to wire electricity to the machine. Onslow pald an additional $1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have a $28,800 salvage value. Straightline depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of Required: 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, View transaction list Journal entry worksheet 1 2 3 Record the costs of $8,000 incurred on the used machine. Note: Enter debits before credits General Journal Debit Credit Date January 03 Required information [The following information applies to the questions displayed below.) Onslow Company purchased a used machine for $240,000 cash on January 2. On January 3. Onslow paid $8,000 to wire electricity to the machine. Onslow pald an additional $1,600 on January 4 to secure the machine for operation. 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 Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cosh is paid for all costs incurred, 155 View transaction Hist Journal entry worksheet 2 3 Record the cost of $1,600 for an operating platform. Note: Enter debits before credits General Journal Debit Credit Date January 04