No Date General Journal Debit Credit 1 Dec 31 Cash 22,000 Accumulated depreciation Machinery Loss on sale of machinery Machinery 2 Dec 31 Cash 88,000 Accumulated depreciationMachinery Gain on sale of machinery Machinery Required information Problem 8-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.) Onslow Co. purchased a used machine for $192,000 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 $23,040 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 (Algo) Part 3 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $22,000 cash and (b) it is sold for $88,000 cash. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Dec 31 22,000 Cash Accumulated depreciation Machinery Loss on sale of machinery Machinery