Required information The following information applies to the questions displayed below] Onslow Company purchased a used machine for $144,000cash on January 2 On January 3 , Onslow paid $8,000 to wire electricity to the machine. Ohslow paid an additiona1 $1.600 on January 4 to secure the machine for operation The machine will be used for six years and have a $17,280 salvage value. Straight-line depreciation is used. On Decernber 37 . at the end of its fifth year in operations, it is disposed of Prepare journal entries to record the machine's disposal underieach separate situation (a) it is sold for 524000cash and id is old for $96,000 cash. Journal entry worksheet Record the sale of the used machine for $24,000 cash. Note: Enter debits before credits. Record the sale of the used machine for $96,000 cash. Note: Enter debits before credits