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 $8,000 to wire electricity to the machine. Onslow paid an additional $1,600 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. uired: epare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred. Journal entry worksheet Record the purchase of a used machine for $240,000 cash. Note: Enter debits before credits. Record the costs of $8,000 incurred on the used machine. Note: Enter debits before credils. Journal entry worksheet (1) Record the cost of $1,600 for an operating platform. Notet Enter debuts before credits