Onslow company purchased a used machine for $240,000 cash on January 2. On january 3rd onslow paid $6,000 to wire

Required information Problem 8-6A (Algo) Disposal of plant assets LO C1, P1, P2 [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 paid $6,000 to wire electricity to the machine. Onslow 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 fifth year in operations, it is disposed of. Problem 8-6A (Algo) Part 2 2. Prepare journal entries to record depreciation of the machine at December 31. Date Credit No 1 Answer is not complete. General Journal Depreciation expenseMachinery Accumulated depreciation Machinery Debit 35,200 X December 31 35,200 [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 paid $6,000 to wire electricity to the machine. Onslow 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 fifth year in operations, it is disposed of. Problem 8-6A (Algo) Part 3 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $24,500 cash and (b) it is sold for $98,000 cash. Answer is not complete. No Date General Journal Debit Credit 1 December 31 Cash 24.500 Accumulated depreciation Machinery Loss on sale of machinery Machinery 184,000 41,100 249,600 X