Prepare journal entries to record depreciation of the machine at December 31

Problem 8-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below] Onslow Company puichased a used machine for $144,000 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 witl be used for stx years and have a $17,280 salvage value. Stralght tine depreciation is used. On December 31 ; at the end of its fith year in operations, it is disposed of. Problem 8-6A (Algo) Part 2 2. Prepare journal entries to secord depreciotion of the machine at December 31