S Required information The following information applies to the questions displayed below Onslow Company purchased a used machine for 144 000 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 17 280 salvage value Straight line depreciation is used On December 31 at the end of its fifth year in operations it is disposed of Required 1 Prepare journal entries to record the machine s purchase and the costs to ready it for use Cash is paid for all costs incurred View transaction list Journal entry worksheet 1 2 3 Record the purchase of a used machine for 144 000 cash Check my