Required information The following information applies to the questions displayed below.) Onslow Co. purchases a used machine for $240,000 cash on January 2 and readies it for use the next day at a $6,000 cost. On January 3, it is installed on a required operating platform costing $1,200, and it is further readied for operations. The company predicts the machine will be used for six years and have a $28.800 salvage value Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of. 2. Prepare journal entries to record depreciation of the machine at December 31. (a) Its first year in operations Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. Date General Journa Debit Credit Dec 31 Record entry Clear entry View general journal (b) The year of its disposal View transaction list Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits General Joumal Debit Credit Date Dec 31 3. Prepare journal entries to record the machine's disposal under each of the following separate assumptions: (a) It is sold for $21,500 cash. View transaction list Journal entry worksheet Record the sale of the used machine for $21,500 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 (b) It is sold for $86,000 cash. View transaction list Journal entry worksheet Record the sale of the used machine for $86,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 (It is destroyed in a fire and the insurance company pays $32,000 cash to settle the loss claim View transaction list Journal entry worksheet Record the insurance settlement received of $32,000 resulting from the total destruction of the machin Note: Enter debits General Journal Gen Debit Credit Date Dec 31 1