Required information Problem 8-6A Disposal of plant assets LO C1, P1, P2 The following information applies to the questions dismayed below) Onslow Co, purchased a used machine for $288.000 cash on January 2. On January 3. Onslow paid $8,000 to wire electricity to the machine and an additional $1600 to secure it in place. The machine will be used for six years and have a 5.34560 salvage value. Straight line depreciation is used on December 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: (ait is sold for $21000 cash (it is sold for 584,000 cash and it is destroyed in a fire and the insurance company pays $31.500 cash to settle the loss claim. View transaction ist Journal entry worksheet 23 Record the sale of the used machine for $21,000 cash. 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 $288,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine and an additional $1,600 to secure it in place. The machine will be used for six years and have a $34,560 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 $21,000 cash: (b) it is sold fo $84.000 cash; and (it is destroyed in a fire and the insurance company Rays $31,500 cash to settle the loss claim. View transaction list Journal entry worksheet