Required information (The following information applies to the questions displayed below) Onslow Company purchased a used machine for $144,000 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 a $17,280 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. 2 3 Record the purchase of a used machine for $144,000 cash. Note: Enter debits before credits Date General Journal Debit January 02 Credit + 3 3 Record the costs of $8,000 incurred on the used machine. Note: Enter debits before credits. Date General Journal Debit Credit January 03