Required information [The following information applies to the questions displayed below.) Onslow Company purchased a used machine for $192,000 cash on January 2 on January 3, Onslow paid $6,000 to wire electricity to the machine. Onslow paid an additional $1.200 on January 4 to secure the machine for operation. The machine will be used for six years and have a $23,040 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 2 Record the sale of the used machine for $23,500 cash, Note: Enter debits before credits General Journal Debit Credit Date Docomber 31 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. General Journal Debit Date December 31 Credit Record entry Clear entry View general Journal