! Required information Problem 8-6A Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.) Onslow Co. purchased a used machine for $144,000 cash on January 2. On January 3, Onslow paid $6,000 to wire electricity to the machine and an additional $1,200 to secure it in place. The machine will be used for six years and have a $17,280 salvage value. Stright-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of Journal entry worksheet 2 3 Record the insurance settlement received of $33,000 resulting from the total destruction of the machine in a fire. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Cash Accumulated depreciation Machinery Loss on sale of machinery Machinery Record entry Clear entry View general journal View transaction list Journal entry worksheet