Required information The following intormation apples to the questions displayed below/ Onslow Company purchased a used machine for $288.000 cash on January 2 . On January 3, Onslow paid $8,000 fo wire electricily to the machine. Onslow paid an additional $1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have a $34,560 salvage value. Straight-Ine depreciation is used, On December 31 . at the end of its fitthyear in operations, it is disposed of. 3. Prepare journal entties to tecord the machine's disposal under each separate situation: (a) it is sold for $24,500 cash and (bi) is sold for $98,000 cash