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. Straightline depreciation is used. On December 31 , at the end of its fifth year in operations, it is disposed of. Prepare joumal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all cost equired: curred. Journal entry worksheet Record the purchase of a used machine for $240,000 cash. Note: Enter debits before credits. Record the costs of $6,000 incurred on the used machine. Note: Enter debits before credits. Record the cost of $1,200 for an operating platform. Note: Enter debits before credits