Required information [The following information opplles 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 poid an additional $2,000 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 ffth year in operations, it is disposed of. 2. Prepare joumal entries to record depreciation of the mochine at December 31 . 1. Record the first ycar year-end adjusting entry for the depreclation expense of the used machine. 2 Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine