Required information Problem 10-6A Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below. Onslow Co. purchases a used machine for $288,000 cash on January 2 and readies it for use the next day at a $6,000 cost. On January 3, it is installed on a required operating platform costing $1,200, and it is further readied for operations. The company predicts the machine will be used for six years and have a $34,560 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 10-6A Part 1 Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready and install it. Cash is paid for all costs incurred. View transaction list ournal entry worksheet Record the purchase of a used machine for $288,000 cash. Note: Enter debits before credits. General Journal Debit Credit Date Jan 02 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 Record the costs of $6,000 incurred on the used machine. Note: Enter debits before credits. Date General Journal Debit Credit Jan 03 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 Record the cost of $1,200 for an operating platform. Note: Enter debits before credits. General Journal Debit Credit Date Jan 03 Record entry Clear entry View general journal