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 2 3 > Record the purchase of a used machine for $240,000 cash. Note: Enter debits before credits A) Saved 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 $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 line Journal entry worksheet Record the costs of $8,000 incurred on the used machine. Note: Enter debits before credits Date General Journal Debit Credit 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 1 2 Record the cost of $1,600 for an operating platform. Note: Enter debits before credits Date General Journal Debit Credit