Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred. View transaction list Journal entry worksheet 1 2 3 Record the cost of $1,200 for an operating platform. Note: Enter debits before credits. Date January 04 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 2 3 Record the costs of $6,000 incurred on the used machine. Note: Enter debits before credits. Date January 03 General Journal Debit Credit Record entry Clear entry View general journal > Required 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 $144,000 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 $17,280 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 1 Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred. View transaction list Journal entry worksheet < 1 2 3 Record the purchase of a used machine for $144,000 cash. Note: Enter debits before credits. Date January 02 General Journal Debit Credit Record entry Clear entry View general journal