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Onslow Company purchased a used machine for $$240,000$ cash on January $2.$ On January $3,$ Onslow paid $$8,000$ to wire

electricity to the machine. Onslow paid an additional $$1,600$ on January $4$ to secure the machine for operation. 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$.$

Prepare journal entries to record depreciation of the machine at December $31.$