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 $10.000 to wire electricity to the machine. Onsiow paid an additional $2,000 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 fith year in operations, it is disposed of. Required: 1. Prepare journal entries to record the machines purchase and the costs to ready it for use. Cash is paid for all costs incurred. 1 Record the purchase of a used machine for $240,000 cash. 2 Record the costs of $10,000 incurred on the used machine. 3 Record the cost of $2,000 for an operating platform