Required information

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

Onslow Company purchased a used machine for $$192,000$ cash on January $2.$ On January $3,$ Onslow paid $$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 $$23,040$ 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.

$1$ Record the purchase of a used machine for $$192,000$

cash.

$2$ Record the costs of $$8,000$ incurred on the used

machine.

$3$ Record the cost of $$1,600$ for an operating platform.

Note : $=$ journal entry has been entered