Required informetion [The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $240,000 cash on January 2 . On January 3, Onslow paid $8,000 to wire electricity 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 $28,800 salvage value. Straight-line depreciation is used. On December 31 , at the end of its fith year in operations, it is disposed of 2. Prepare joumal 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 crediti. Journal entry worksheet Record the first year year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. Journal entry worksheet Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold sold for $94,000 cash. Journal entry worksheet Record the sale of the used machine for $23,500 cash. Note: Enter debits before credits. Journal entry worksheet Record the sale of the used machine for $94,000 cash. Note: Enter debits before credits