Required information [The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $178,000 cash on January 2 . On January 3 , Onslow paid $2,840 to wire electricity to the machine. Onslow paid an additional $1,160 on January 4 to secure the machine for operation. The machine will be used for six years and have a $14,000 salvage value. Straight-line depreciation is used. On December 31 , at the end of its fifth year in operations, it is disposed of. equired: Prepare 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 23 Record the purchase of a used machine for $178,000 cash. Required information [The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $178,000 cash on January 2 . On January 3 , Onslow paid $2,840 to wire electricity to the machine. Onslow paid an additional $1,160 on January 4 to secure the machine for operation. The machine will be used for six years and have a $14,000 salvage value. Straight-line depreciation is used. On December 31 , at the end of its fifth year in operations, it is disposed of. equired: Prepare 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 23 Record the purchase of a used machine for $178,000 cash