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. Journal entry worksheet Record the purchase of a used machine for $240,000 cash. Note: Enter debits before credits. Journal entry worksheet Record the costs of $6,000 incurred on the used machine. Note: Enter debits before credits. Record the cost of $1,200 for an operating platform. Note: Enter debits before credits