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 $10,000 to wire electricity to the machine and an additional $2,000 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 disposal under each separate situation: (a) it is sold for $24,000 cash; (b) it is sold for $96,000 cash; and (0) it is destroyed in a fire and the insurance company pays $34,500 cash to settle the loss claim. X Answer is not complete. No Date Debit Credit 1 Dec 31 General Journal Cash Accumulated depreciation-Machinery Loss on sale of machinery Machinery 24,000 166,464 X 54,400 X 156,000 2 Dec 31 Cash Accumulated depreciationMachinery Machinery Gain on sale of machinery 156,000 X 3 Dec 31 34,500 Cash Accumulated depreciationMachinery Loss from fire Machinery 156.000