Required Information (The following Information applies to the questions displayed below.) Onslow Co purchased a used machine for $178,000 cash on January 2 On January 3. Onslow paid $2,840 to wire electricity to the machine and an additional $1160 to secure it in place. The machine will be used for six years and have a $14.000 salvage value. Straight-line depreciation is used on December 31, at the end of its fifth year in operations, it is disposed of 3. Prepare joumal entries to record the machine's disposal under each separate situation: (a) it is sold for $15,000 cash by it is sold for 550.000 cash; and (It is destroyed in a fire and the insurance company pays $30,000 cash to settle the loss claim View transaction ist Journal entry worksheet > 2 3 Record the sale of the used machine for $15,000 cash. General Journal Debit Credit Centry