Onslow Company purchased a used machine for $$240,000$ cash on January $2.$ On January $3,$ Onslow paid $$10,000$ to wire electricity to the machine. Onslow paid an additional $$2,000$ on January $4$ to secure the machine for operation. The machine will be used for six years and have a $$28,800$ salvage value. Straight$-$line depreciation is used. On December $31,$ at the end of its fifth year in operations, it is disposed of$.$

Required:

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

$[$The following information applies to the questions displayed below.$]$

Onslow Company purchased a used machine for $$240,000$ cash on January $2$ On January $3,$ Onslow pald $$10,000$ to

Wre electricity to the machine. Onslow pald an additional $$2,000$ on January $4$ to secure the machine for operation. The

machine will be used for slx years and have a $$28,800$ salvage value. Stralght$-$line depreclation is used. On December $31,$

at the end of its fifth year in operatlons, It is disposed of$.$

Required:

Prepare Journal entrles to record the machine's purchase and the costs to ready It for use. Cash is pald for all costs incurred.

Journal entry worksheet

Record the purchase of a used machine for $$240,000$ cash.

Note: Enter debits before credits.