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 $288,000 cash on January 2. On January 3, Onslow paic electricity to the machine. Onslow paid an additional $1,600 on January 4 to secure the machine for operat machine will be used for six years and have a $34,560 salvage value. Straight-line depreciation is used. On 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 $22,000c sold for $88,000 cash. Journal entry worksheet 2 Record the sale of the used machine for $22,000 cash. Note: Enter debits before credits. 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 $288,000 cash on January 2. On January 3, Onslow paid $8,000 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 Decemb at the end of its fitth 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 sold for $88,000cash. Journal entry worksheet Record the sale of the used machine for $88,000 cash. Note: Enter debits before credits