Required Information [The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $144,000 cash on January 2 . On January 3, Onslow pald $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 $17,280 salvage value. Straight-IIne depreciation is used. On December 31 , at the end of Its fifth year in operations, It is disposed of. equired: Prepare journal entrles to record the machine's purchase and the costs to ready it for use. Cash is pald for all costs Incurred. Journal entry worksheet Record the purchase of a used machine for $144,000 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. Journal entry worksheet Record the cost of $1,200 for an operating platform. Note: Enter debits before credits