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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 $6,000 to wire electricity to the machine. Onslow paid an additional $1,200 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. 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 Record the purchase of a used machine for $240,000 cash. Note: Enter debits before credits. Journal entry worksheet Record the costs of $6,000 incurred on the used machine. Note: Enter debits before credits. Journal entry worksheet Record the cost of $1,200 for an operating platform. Note: Enter debits before credits. 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. 2. Prepare journal entries to record depreciation of the machine at December 31 . Journal entry worksheet Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $23,000 cash and (b) it is sold for $92,000 cash. Journal entry worksheet Record the sale of the used machine for $23,000 cash. Note: Enter debits before credits. 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $23,000 cash and (b) it is sold for $92,000 cash. Journal entry worksheet Record the sale of the used machine for $92,000 cash. Note: Enter debits before credits