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 S1,600 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. 2. Prepare journal entries to record depreciation of the machine at December 31. Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine. Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine.