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 Journal entries to record the machine's disposal under each separate situation: (a) It is sold for $15,000 cash: (by it is sold for $50,000 cash, and it is destroyed in a fire and the insurance company pays $30,000 cash to settle the loss claim. + View transaction Bat Journal entry worksheet 2 3 Record the sale of the used machine for $15,000 cash Nee Enter the heart rate Date Credit General Journal Cash Gain on sale of machinery Debit 15,000 Dec 31 15.000 Fiscord entry Can any View ournal