Required information [The following information applies to the questions displayed below.] Onslow Co. purchases a used machine for $192,000 cash on January 2 and readies it for use the next day at a $6,000 cost. On January 3, it is installed on a required operating platform costing $1,200, and it is further readied for operations. The company predicts the machine will be used for six years and have a $23,040 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of. . Prepare journal entries to record the machine's disposal under each of the following separate assumptions View transaction list 1 Record the sale of the used machine for $20,500 cash. 2 Record the sale of the used machine for $82,000 cash. 3 Record the insurance settlement received of $31,000 resulting from the total destruction of the machine in a fire