! Required information Problem 8-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.) Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $6,000 to wire electricity to the machine and an additional $1,200 to secure it in place. The machine will be used for six years and have a $28,800 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 $23,000 cash and (b) it is sold for $92,000 cash. View transaction list Journal entry worksheet Record the sale of the used machine for $23,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Cash Accumulated depreciationMachinery Loss on sale of machinery Machinery Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the sale of the used machine for $92,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Cash Accumulated depreciationMachinery Gain on sale of machinery Machinery Record entry Clear entry View general journal