(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 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