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 $1600 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 2. Prepare Journal entries to record depreciation of the machine at December 31 24 View transaction list Journal entry worksheet 1 2 Record the first year year and adjusting entry for the depreciation expense of the used machine Note: Erer det bare redits General Journal Debit Credit Date December 31 Journal entry worksheet