Required information [The following information applies to the questions displayed below.) Onslow Company purchased a used machine for $240,000 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 $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 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $23,500 cash and (b) it is sold for $94,000 cash. View transaction list Journal entry worksheet Record the sale of the used machine for $94,000 cash. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Cash 94,000 Accumulated depreciation-Machinery Gain on sale of machinery 184,000 28,400 Machinery 28,400 View general journal Record entry Clear entry