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 $240,000 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 $28,800 salvage value Straight-line depreciation is used on December 31, at the end of its fifth year in operations, it is disposed of roblem 8-6A Part 1 equired: Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred. View transaction list Journal entry worksheet > 1 2 3 Record the purchase of a used machine for $240,000 cash Journal entry worksheet Record the costs of $8,000 incurred on the used machine. NoteEnter debits before credits General Journal Debit Credit Date Jan 03 Record entry Clear entry View general journal 1 2 3 Record the cost of $1,600 for an operating platform. Note: Enter debits before credits. General Journal Debit Date Jan 03 Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 Record the first year year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 View general journal Porord entry Clear entry Journal entry worksheet