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Onsiow 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 2. Prepare journal 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. Note' Enter debits before credits. 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. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $22,500 cash and (b) it is old for $90,000 cash. Journal entry worksheet 2 Record the sale of the used machine for $22,500 cash. Note: Enter debits before credits