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 o $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: 2. Prepare journal entries to record depreciation of the machine at December 31 . Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits