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 $192,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine and an additional $2,000 to secure it in place. The machine will be used for six years and have a $23,040 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 . Prepare journal entries to record the machine's disposal under each separate situation: a) it is sold for $22,000 cash and (b) it is sold for $88,000 cash. Journal entry worksheet 1 2 Record the sale of the used machine for $22,000 cash. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit Journal entry worksheet 1 2 Record the sale of the used machine for $88,000 cash. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit