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. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of Problem 8-6A Part 3 3. Prepare journal entries to record the machine's disposat under each separate situation: It is sold for $24.000 cash: Dit is sold for 596,000 cash and it is destroyed in a fire and the insurance company pays $34,500 cash to settle the loss claim View transaction list Journal entry worksheet 1. @ Record the sale of the used machine for $24,000 cash. Credit Note: Enter debits before credits. General Journal Dec 31 Cash Accumulated sepreciation Machinery LOSS on sale of machinery Debit 24,000 Record entry View general Journal Claren 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. Straight-ne depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. Problem 8-6A Part 3 3. Prepare journal entries to record the machine's disposal under each separate situation: (at is sold for $24.000 cash: (2) It is sold for $96,000 cash and (it is destroyed in a fire and the insurance company pays $34.500 cash to settle the loss claim View transaction list Journal entry worksheet