! Required information [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 $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 $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. 2 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $22,500 cash and (b) it is sold for $90,000 cash.