Onslow Company purchased a used machine for $240,000 cash on January 2 On January 3, Onslow paid $6,000 to wire electricity to the machine Onsiow paid an additional $1,200 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 fitth year in operations, it is disposed of. quired: Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred. Journal entry worksheet Record the costs of $6,000 incurred on the used machine. Note: Enter debits before credits. Journal entry worksheet 1 Record the cost of $1,200 for an operating platform. Wote: Enter debits before credits