Required information The tolowing information applies to the questions displayed below Oslow Co. purchases used machine for S144,000 cash on January 2 and readiesRfor use ee next day at a sooo cost. On January 3, it is instaled on a required operating platform costing $2,000, and it is further readied for operations The company predicts the machine will be used for six years and have a $17,280 salvage value. Depreclation is to be charged on a straight-ine besis. 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 of the following separate assumptions 1 Record the sale of the used machine for $20,000 cash. 2. Record the sale of the used machine for $80.000 cash 3. Record the insurance settlement received of $30.500 resulting from the total destruction of the machine in a fire View t Journal entry worksheet Record the sale of the used machine for $20,000 cash Enter debits beture C Prev 2 3 4