Required information [The following information applles to the questions displayed below/ Onslow Company purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine. Onslow paid an additionol $2,000 on January 4 to secure the machine for operation. The machine will be used for six years and have a $28,800 solvage value, 5 traight tine depreciation is used. On December 31. at the end of its fifth year in operations, it is disposed of 3. Prepare journal entries to record the machine's disposal under each separote situation: (o) it is sold for $20,500 cash and (b) it is sold for $82.000 cash. 1 Record the sale of the used machine for $20,500 cash. 2 Record the sale of the used machine for 582,000 cash