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 $8,000 to wire electricity to the machine. Onslow pald an additional $1,600 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 3 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