Onslow Company purchased a used machine for $144,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine. Onslow paid an additional $2,000 on January 4 to secure the machine for operation. The machine will be used for six years and have a $17,280 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of.

2. Prepare journal entries to record depreciation of the machine at December 31. View transaction list 1 > Record the first year year-end adjusting entry for the depreciation expense of the used machine. bense of 2. Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine. Credit Note : = journal entry has been entered Record entry Clear entry View general journal