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 $288,000 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 $34,560 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. Problem 8-6A (Algo) Part 2 2. Prepare journal entries to record depreciation of the machine at December 31. View transaction list Journal entry worksheet 1 Record the first year year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. Date December 31 General Journal Debit Credit