Required information The following information applies to the questions displayed below.) Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine and an additional $1,600 to secure it in place. 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: 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. View transaction list Journal entry worksheet Check 40,0w savage au Surgnane vepreciation Sed un vecember 31, a disposed of nd OS year operations, 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. View transactions Journal entry worksheet Record the costs of $8,000 incurred on the used machine. Note Enter debts before credits Date General Journal Debit Credit Jan 03 Record entry Clear entry View general journal MacBook Air the end of Sin year in operauons, it is >>40,00 Savage var. Burangrane veprecieron is usea, un vecember 31, disposed of Part 1 of 3 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. 142 points View transaction list Journal entry worksheet