Required information [The following information applies to the questions displayed below.) Onslow Co. purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine and an additional $2,000 to secure it in place. 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. 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 Record the cost of $2,000 for an operating platform. Note: Enter debits before credits. Date General Journal Debit Credit Jan 03 Record entry Clear entry View general Journal Required information {The following information applies to the questions displayed below.) Onslow Co. purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine and an additional $2,000 to secure it in place. 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. 2. Prepare journal entries to record depreciation of the machine at December 31. Required information Journal entry worksheet Record the sale of the used machine for $24,000 cash. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal S Journal entry worksheet Record the sale of the used machine for $96,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheet