Required information [The following information applies to the questions displayed below] electricity to the machine. Onslow paid an additional $1,600 on January 4 to secure the machine for operation. The to machine will be used for six years and have a $28,800 salvage value. Straight-ine depreciation is used. On December 31 , at the end of its fifth year in operations, it is disposed of. 3. Prepare journal entries to record the machine's disposal under each separate situation (a) it is sold for $24,000 cash and (0) it is sold for $96,000 cash