Required information Problem 8-6A (Algo) Disposal of plant assets LO C1, P1, P2 The following information applles to the questions displayed below] Onsjow Company purchased a used machine for $288,000 cash on January 2 . On January 3, Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional $1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have a $34,560 salvage value. Straight line depreciation is used. On December 31, at the end of its fith yeat in operations, it is disposed of. Problem 8.6A (Algo) Part 1 Required: Required: 1. Frepare journal entries to record the mochine's purchose and the costs to ready it for use. Cosh is pat for all costs incurred, Journal entry worksheet Record the purchase of a used machine for $288,000 cash. Note: Enter debits before credits. Journal entry worksheet Record the costs of $8,000 incurred on the used machine. Note: Enter debits before credits. 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 incurre Journal entry worksheet Record the cost of $1,600 for an operating platform. Note: Enter debits before credits