Required intormation IThe following iformasion appies to the guestons disployed betory. Cnsiow Company puchased ased machine tor $192,000 castion January 2. On January 3, Onstow peid $6,000 to wire clectricity to the machine. Onslow poid an addibonat $1,200 on January 4 to secure the machine for operation. The mechine wa be used for so years and thre a $23,040 salvage valie. Stroight-lise depreciation is used. On Decernber 31 , at the end of its fifth year in operations, is is disposed of Required: 1. Prepore joumal entries to record the machine sputchase and the costs to reacy a lor use. Cosh is paid for all costs incurred. Journal entry worksheet Record the purthase of a used mochine for $197,000 cashi: Journal entry worksheet Record the costs of $6,000 incurred on the used machine. Notet Enter debits before credits. Journal entry worksheet Record the cost of $1,200 for an operating platform. Note: Enter debits before credits