Requirea information [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. 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $22,500 cash and (b) it is sold for $90,000 cash. No Date 1 December 31 Cash Answer is not complete. General Journal Debit Credit 22,500 Accumulated depreciation-Machinery Loss on sale of machinery Machinery 148,800 30,300 201,600 2 December 31 Cash Accumulated depreciation-Machinery Gain on sale of machinery Machinery 0000 90,000 148,800 37,200 201,600