Onslow Company purchased a used machine for $$178,000$ cash on January $2.$ On January $3,$ Onslow paid $$2,840$ to wire electricity to the machine. Onslow paid an additional $$1,160$ on January $4$ to secure the machine for operation. The machine will be used for six years and have a $$14,000$ salvage value. Straight$-$line depreciation is used. On December $31,$ at the end of its fifth year in operations, it is disposed of$.$

Problem $8-6$A $($Static$)$ Part $1$

Required:

Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred.

Journal entry worksheet

$(1)$

$2$

$3$