IVIVIFINy MI INVITINGUYII UPPIILY LV UIL YULDIVIN HIDING LU NLIVINJ Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $8,000 to electricity to the machine. Onslow paid an additional $1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have a $23,040 salvage value. Straight-line depreciation is used. On Decemb at the end of its fifth year in operations, it is disposed of. 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $22,000 cash and sold for $88,000 cash. x Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 December 31 Cash 22,000 Accumulated depreciation- Machinery 178,560 X Loss on sale of machinery 1,040 X Machinery 201,600 2 December 31 Cash 88,000 Accumulated depreciation-Machinery 178,560 x Machinery 201,600 Gain on sale of machinery 64,960 x Prey