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Journal entry worksheet Record the sale of the used machine for $21,500 cash. Note: Enter debits before credits. Problem 8-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applles to the questions displayed below] Onslow Company purchased a used machine for $144,000 cash on January 2 . On January 3 , Onslow pald $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 $17,280 salvage value. Stralght-fine depreciation is used. On December 31 , at the end of its fifth year in operations, it is disposed of. Problem 8-6A (Algo) Part 3 3repare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $21,500 cash and (b) it is sold or $86,000cash. Record the sale of the used machine for $86,000 cash. Note: Enter debits before credits