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. repare journal entries to record depreciation of the machine at December 31. Answer is complete but not entirely correct. lo Date Credit General Journal Depreciation expense-Machinery Accumulated depreciation Machinery Debit 29,760 Dec 31 29,760 Dec 31 30,160 Depreciation expense-Machinery Accumulated depreciationMachinery 30,160