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 $192,000 cash on January 2. On January 3, Onslow paid $6,000 to wire electricity to the machine. Onslow 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 $23,040 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. X Answer is not complete. No Date General Journal Credit December 31 Cash Accumulated depreciation-Machinery Loss on sale of machinery 1 X Debit 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. X Answer is not complete. No Date General Journal Debit Credit December 31 Cash 22,000 Accumulated depreciation-Machinery Loss on sale of machinery December 31 Cash 88,000 Accumulated depreciation-Machinery 146,800 X 35,600 Machinery 1 2