Required information Problem 8.6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed bolow] Onslow Company purchased a used machine for $144.000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine. Onsiow 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 $17,280 salvage value. Straight tine depreciation is used. On December 31 . at the end of its fifth year in operations, it is disposed of. Journal entry worksheet Record the sale of the used machine for $25,000 cash. Note: Enter debits before credits. 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $25,000 cash and (b) it is sold for $100,000cash. Journal entry worksheet Record the saie of the used machine for $100,000 cash. Note Enter debits before credits