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Required information [The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $240,000 cash on January 2 . On January 3 , Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional $1,600 on'January 4 to secure the machine for operation. The machine will be used for six years and have a $28,800 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. Required information [The following information applies to th questions displayed below] Onslow Company purchased a used machine for $240,000 cash on January 2 . On January 3, Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional $1,600 on'January 4 to secure the machine for operation. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31 , at the end of its fifth year in operations, it is disposed of. 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 incurred. 1 Record the purchase of a used machine for $240,000 cash. 2 Record the costs of $8,000 incurred on the used machine. 3 Record the cost of $1,600 for an operating platform. 1 Record the first year year-end adjusting entry for the depreciation expense of the used machine. 2 Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine