Onslow Company purchased a used machine for $$192,000$ cash on January $2.$ On January $3,$ Onslow paid $$8,000$ to wire electricity to the machine. Onslow paid an additional $$1,600$ on January $4$ to secure the machine for operation. The machine will be used for six years and have a $$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$.$

roblem $8-6$A $($Algo$)$ Part $2$

Prepare journal entries to record depreciation of the machine at December $31.$

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Journal entry worksheet

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Record the first year year$-$end adjusting entry for the depreciation expense of the used machine.