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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 $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 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 $8,000 incurred on the used machine. Note: Enter debits before credits. Journal entry worksheet Record the cost of $1,600 for an operating platform. Note: Enter debits before credits. 2. Prepare journal entries to record depreciation of the machine at December 31. Journal entry worksheet 2 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 $94,000 cash. Note: Enter debits before credits