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 $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 will be used for slx 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. Journal entry worksheet Record the purchase of a used machine for $192,000 cash. Note: Enter debits before credits. Journal entry worksheet Record the costs of $10,000 incurred on the used machine. Note: Enter debits before credits. Journal entry worksheet Record the cost of $2,000 for an operating platform. Note: Enter debits before credits