LO Required information 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. 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 Record the purchase of a used machine for $240,000 cash. Required information Journal entry worksheet K 3 Record the costs of $8,000 incurred on the used machine. Note: Enter debits before credits. Date General Journal Debit Credit Jan 03 Record entry Clear entry View general journal Required information Journal entry worksheet 1 2 > Record the cost of $1,600 for an operating platform. Note: Enter debits before credits. Date General Journal Debit Credit Jan 03 Record entry Clear entry View general journal 9 11