Required information Problem 8-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The vollowing 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 $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 517,280 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 transactions Journal entry worksheet > Record the purchase of a used machine for $144,000 cash Journal entry worksheet Record the cost of $2,000 for an operating platform. Note: Enter debits before credits Date General Journal Debit Credit Jan 03 Denis