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 $192,000 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 $23,040 salvage value. Straightline depreciation is used. On December 31 , at the end of its fifth year in operations, it is disposed of. oblem 8-6A (Algo) Part 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