Required information Problem 8-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.) Onslow Company purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine. Onslow pald an additional $2,000 on January 4 to secure the machine for operation. The machine will be used for six years and have a $28,800 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 2 2. Prepare journal entries to record depreciation of the machine at December 31, No 1 Dute December 31 Credit General Journal Depreciation expense Machinery Accumulated depreciation-Machinery Debil 247,200 247,200 2 December 31