Onslow Company purchased a used machine for $192.000 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 $23,040 salvage value. Straight-line depreciation is used. On December 31 . at the end of its fitt year in operations, it is disposed of. 3repare journal entries to record the machine's disposal under each separate situation (a) it is sold for $24,500 cash and (b) it is old for $98,000 cash. Journal entry worksheet Record the sale of the used machine for $24,500 cash. Nete: Enter debits before qedits. Record the sale of the used machine for $98,000 cash. Note: Enter debits before credits