Problem 8-6A Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below) Onslow Co. purchases a used machine for $144,000 cash on January 2 and readies it for use the next day at a $8,000 cost. On January 3, it is installed on a required operating platform costing $1,600, and it is further readied for operations. The company predicts the machine will be used for six years and have a $17,280 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of. Problem 8-6A Part 2 2. Prepare journal entries to record depreciation of the machine at December 31 View transaction list Journal entry worksheet Record the fifth year year-end adjusting entry for the depreciation expense of the used machine