quirea information 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 3 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 sold for $82,000 cash. View transaction list Journal entry worksheet < 1 2 Record the sale of the used machine for $20,500 cash. Note: Enter debita before credits. Cate December 31 General Journal Debit Credit