! 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 $144,000 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 $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 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 Record the purchase of a used machine for $144,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 02 View transaction list Journal entry worksheet 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 Prou 20 20 20 12 Moyt 1. riepai juurnai Elles LU TELUIU LITE Halime purchase anU LIE LUSUS LUTEauy ILIVI use. Lasitis palu TUI all CULS IIICULTEU. View transaction list Journal entry worksheet