Required information [The following information applies to the questions displayed below] Onslow Company purchased a used machine for $288.000 cash on January 2 . On January 3, Onslow paid $10,000 to wire electricity to the machine. Onslow paid an additional \$2,000 on January 4 to secure the machine for operation. The machine will be used for six years and have a $34,560 salvage value. Straight-line depreciation is used, On December 31 , at the end of its fith year in operations, it is disposed of. 2. Prepare journal entries to record the machine's disposal under each separate situation: (d) it is sold for $23,500 cash and (b) it is sold for $94,000 cash. Journal entry worksheet Record the sale of the used machine for $23,500 cash. Note: tnter debits before credits. Journal entry worksheet Record the sale of the used machine for $94,000 cash. Note: Enter debits before credits