Required information [The following Information applies to the questions displayed below.) Onslow Co purchased a used machine for $288,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine and an additional $2,000 to secure it in place. The machine will be used for six years and have a $34,560 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, View transaction list Journal entry worksheet 1 N > Record the first year year-end adjusting entry for the depreciation expense of the used machine Note: Enter debits before credits Debit General Journal Date Credit Dec 31