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 depreciation of the machine at December 31 View transaction list Record the first year year-end adjusting entry for the depreciation expense of the used machine. 1 pense of 2 Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine