Required information Problem 8-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below] Onsiow Company purchased a used machine for $288,000 cash on January 2. On January 3 , Onslow paid $8,000 to wire 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 December 31 , at the end of its fifth year in operations, it is disposed of. roblem 8.6A (Algo) Part 3 Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $20,000 cash and (b) it is old for $80,000 cash. Journal entry worksheet Record the sale of the used machine for $20,000 cash. Noteli Eriter diebots before credits. 3. Prepare journal entries to record the machine's disposal under eoch separate situation: (b) it is sold for $20,000 cash and (b) it is sold for $80,000 cash. Journal entry worksheet Record the sale of the used machine for $20,000 cash. Noted Enter debits before credits 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $20,000 cash and (b) it is sold for $80,000 cash. Journal entry worksheet Record the sale of the used machine for $80,000 cash. Notes 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] Onsiow Company purchased a used machine for $288,000 cash on January 2. On January 3 , Onslow paid $8,000 to wire 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 December 31 , at the end of its fifth year in operations, it is disposed of. roblem 8.6A (Algo) Part 3 Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $20,000 cash and (b) it is old for $80,000 cash. Journal entry worksheet Record the sale of the used machine for $20,000 cash. Noteli Eriter diebots before credits. 3. Prepare journal entries to record the machine's disposal under eoch separate situation: (b) it is sold for $20,000 cash and (b) it is sold for $80,000 cash. Journal entry worksheet Record the sale of the used machine for $20,000 cash. Noted Enter debits before credits 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $20,000 cash and (b) it is sold for $80,000 cash. Journal entry worksheet Record the sale of the used machine for $80,000 cash. Notes Enter debits before credits