Onslow Co. purchased a used machine for $144,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine and an additional $2,000 to secure it in place. The machine will be used for six years and have a $17,280 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 ist Journal entry worksheet Record the purchase of a used machine for $144,000 cash. Note: Enter debits before credits Dato General Journal Debit Credit Jan 02 Journal entry worksheet Record the costs of $10,000 incurred on the used machine. Note: Enter debits before credits Date General Journal Debit Credit Jan 03 Journal entry worksheet