Required information The following information applies to the questions displayed below Part 3 013 10 points 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 itin place. The machine will be used for six years and have $23.040 salvage value, Straight line depreciation is used on December 31, at the end of its fifth year in operation, it is disposed of ook Print 3. Prepare journal entries to record the machine's disposal under each separate situation ay it is sold for $24,000 caso it is sold for $96,000 cash and (dit is destroyed in a fire and the insurance company pays $34,500 cash to settle the loss claim References View transaction ist Journal entry worksheet >