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 $6,000 to wire electricity to the machine. Onsiow paid an additional $1,200 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 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 tha machine at December 31 . 3. Prepare journal entries to record the machine's disposal under each separate situation: (ab it is sold for 520,000 cash and (th is is sold for $80,000 cash. Journal entry worksheet Record the sale of the used machine for $20,000cash. Nike: Enter debiri before cinsts. 3. Prepare joumal entries to record the machine's disposal under each separate situation: (a) it is sold for 520,000 cash and (bh) it is sold for 580.000 cash. Journal entry worksheet Record the sale of the used machine for $80,000 cash. hute P Pnter detoti twefure credts