Onslow Company purchased a used machine for $288,000 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 $34,560 salvage value. Straight-line depreciation is used. On December 31 at the end of its fifth year in operations, it is disposed of. Problem 10-6A (Algo) Part 2 2. Prepare journal entries to record depreciation of the machine at December 31. No Debit View transaction list View journal entry worksheet Date General Journal December 31 Depreciation expense Machinery Accumulated depreciation --Machinery Credit 1 2 December 31 Depreciation expense-Machinery Accumulated depreciation-Machinery