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 $178,000 cash on January 2 On January 3, Onslow paid $2,840 to wire electricity to the machine and an additional $1,160 to secure it in place. The machine will be used for six years and ha $14.000 salvage value Straight-line depreciation is used on December 31, at the end of its fifth year in operations, in disposed of Problem 8-6A Part 1 Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready it for use Cash is paid for all costs incurre View transaction list Journal entry worksheet View transaction list 1 Record the purchase of a used machine for $178,000 cash. 2 Record the costs of $2,840 incurred on the used machine. 3 Record the cost of $1,160 for an operating platform