Required information

$[$The following information applies to the questions displayed below.$]$

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$.$

Required:

Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred.

Journal entry worksheet

Record the purchase of a used machine for $$240,000$ cash.

Note: Enter debits before credits.