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 $8,000 to wire electricity to the machine and an additional $1.600 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 8-2A (Algo) Depreciation methods LO P1 2. Prepare journal entries to record depreciation of the machine at December 31, View transaction list Journal entry worksheet 1 2 Record the first year year end adjusting entry for the depreciation expense of the used machine Journal entry worksheet Record the first year year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits General Journal Date Dec 31 Debit Credit Record entry Clear entry View general Journal Journal entry worksheet