Onslow Co purchased a used machine for $192.000 cash on January 2. On January 3, Onslow pald $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. 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $24,500 cash; (b) it is sold for $98.000 cash; and (it is destroyed in a fire and the insurance company pays $35,000 cash to settle the loss claim 1 2. 3 > Record the sale of the used machine for $24,500 cash. Note: Enter debits before credits General Journal Date Dec 31 Debit Credit Record entry Clear entry View general Journal Record the sale of the used machine for $98,000 cash. Note: Enter debits before credits General Journal Debit Credit Date Dec 31 Record the insurance settlement received of $35,000 resulting from the total destruction of the machine in a fire. Note: Enter debits before credits. General Journal Date Dec 31 Debit Credit