! Required information (The following information applies to the questions displayed below.) Onslow Company purchased a used machine for $178,000 cash on January 2. On January 3, Onslow paid $2.840 to wire electricity to the machine. Onslow paid an additional $1,160 on January 4 to secure the machine for operation. The machine will be used for six years and have a $14,000 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. 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 incurred. Journal entry worksheet Record the cost of $1,160 for an operating platform. Note: Enter debits before credits. General Journal Debit Credit Date January 04 Journal entry worksheet 1 2 N Record the first year year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal Journal entry worksheet Record the sale of the used machine for $15,000 cash. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal Journal entry worksheet