Required information [The following information applles to the questions displayed below] Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow pald $10,000 to wire electsicity to the machine. Onslow pald an additional \$2,000 on January 4 to secure the machine for operation. The machine will be used for six years and have a $23,040 salvage value. Stralght-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 . Journal entry worksheet Record the first year year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credas. Required information [The following information applies to the questions displayed below] Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine. Onslow paid an additional $2,000 on January 4 to secure the machine for operation. The machine will be used for six years and have a $23,040 salvage value. Straight-line depreciation is used. On December 31 . at the end of its fith year in operations, it is disposed of. Prepare joumal entries to record the machine's disposal under each separate situation: (a) it is sold for $21,000 cash and (b) it is sold or $84,000 cosh. Journal entry worksheet Record the sale of the used machine for $21,000 cash. Note: Enter debits before credits