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 $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 $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. 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $20,000 cash and (b) it is sold for $80,000 cash. View transaction list Journal entry worksheet 1 2 > Record the sale of the used machine for $20,000 cash. Note: Enter debits before credits. Debit Credit Date General Journal December 31 Loss on sale of machinery Cash Accumulated depreciationMachinery Machinery 20,000 (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 $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 $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. 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $20,000 cash and (b) it is sold for $80,000 cash. View transaction list Journal entry worksheet Record the sale of the used machine for $80,000 cash. Note: Enter debits before credits. General Journal Debit Credit Date December 31