Required information The following information applies to the questions displayed below.] Onstow 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 $1x 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. Required: . Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred