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.

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

Record the purchase of a used machine for $192,000 cash. Note: Enter debits before credits. Record the costs of $8,000 incurred on the used machine. Note: Enter debits before credits. Record the cost of $1,600 for an operating platform. Note: Enter debits before credits