Required information Problem 8-6A (Algo) Disposal of plant assets LO C9, 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 $10,000 to wire electricity to the machine. Onslow paid an additional $2,000 on January 4 to secure the machine for operation. The machine will be used for six years and have a $17,280 salvage value. Straightline 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 iold for $24,000 cash and (b) it is sold for $96,000 cash