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Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurr Journal entry worksheet Record the purchase of a used machine for $288,000 cash. Note: Enter debits before credits. Journal entry worksheet Record the first year year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. Journal entry worksheet Record the sale of the used machine for $21,500 cash. Note: Enter debits before credits. 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 $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