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Required information [The following information applles to the questions displayed below.] Onslow Company purchased a used machine for $178,000 cash on January 2 . On January 3, Onslow paid $2,840 to wire electricity to the machine. Onslow paid an additional $1,160 on January 4 to secure the machine for operation. The machine will be used for six years and have a $14,000 salvage value. Straight-line depreciation is used, On December 31, at the end of its fifth year in operations, it is disposed of, equired: 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 3 Record the purchase of a used machine for $178,000 cash. Noter Enter debits before credits. Required information [The following information applles to the questions displayed below] Onslow Company purchased a used machine for $178,000 cash on January 2 . On January 3, Onsiow paid $2,840 to wire electricity to the machine. Onslow paid an additional $1,160 on January 4 to secure the machine for operation. The machine will be used for six years and have a $14,000 salvage value. Stralght-line depreciation is used. On December 31 , at the end of its fitth year in operations, it is disposed of 2. Prepare joumal entries to record depreciation of the machine at December 31 . Journal entry worksheet Record the first year year-end adjusting entry for the depreciation expense of the used machine. Notet Enter debits before credita. Required information [The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $178,000 cash on January 2 . On January 3, Onslow paid $2,840 to wire electricity to the machine. Onsiow paid an additional $1,160 on January 4 to secure the machine for operation. The machine will be used for six years and have a $14,000 salvage value. Straight-line depreciation is used. On December 31 , at the end of its fifth year in operations, it is disposed of. 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $15,000 cash and (b) it is sold or $50,000 cash. Journal entry worksheet Record the sale of the used machine for $15,000 cash. Noter Enter debits before credits