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. 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 3 - Prepare journal entries to record the machine's disposal under each separate situation: (d) it is sold for $20,500 cash and (b) it is oid for $82,000 cash. 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. Straight-line depreciation is used. On December 31 , at the end of its fifth year in operations, it is disposed of, roblem 8.6A (Algo) Part 3 Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $20,500 cash and (b) it is id for $82,000 cash. Journal entry worksheet Record the sale of the used machine for $82,000 cast