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 $6.000 to wire electricity to the machine. Onslow paid an additional $1,200 on January 4 to secure the machine for operation. The machine will be used for six years and have a $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. Journal entry worksheet 2 Record the first year year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits befare credits. Journal entry worksheet Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits