Onslow Co. purchased a used machine for $288,000 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 $34,560 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 $25,000 cash and (b) it is sold for $100,000 cash. View transaction list Journal entry worksheet 2 > Record the sale of the used machine for $25,000 cash. Note: Enter debits before credits. Credit Date Dec 31 General Journal Cash Accumulated depreciation-Machinery Loss on sale of machinery Machinery Debit 23,500 29,760 148,300 201,600