Required information [The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $144,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional $1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have a $17,280 salvage value. Straight-line depreciation is used. 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. View transaction list 1 Record the first year year-end adjusting entry for the depreciation expense of the used machine. 2 Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine. journal entry has been entered Note: Record entry bense of Credit Clear entry View general journal ! Required information [The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $144,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional $1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have a $17,280 salvage value. Straight-line 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 $21,500 cash and (b) it is sold for $86,000 cash. View transaction list 1 Record the sale of the used machine for $21,500 cash. 2 Record the sale of the used machine for $86,000 cash. journal entry has been entered Note: Record entry Credit Clear entry View general journal