[The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $288,000 cash on January 2. On January 3, Onslow paid $6,000 to wire electricity to the machine. Onslow paid an additional $1,200 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-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. Problem 10-6A (Algo) Part 2 2. Prepare journal entries to record depreciation of the machine at December 31. Answer is complete but not entirely correct. No 1 Date December 31 General Journal Depreciation expense-Machinery Accumulated depreciation-Machinery 2 December 31 Depreciation expense-Machinery Accumulated depreciation-Machinery 00 Debit Credit 48,760 48,760 104,000 104,400