[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 wit 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 kach separate situation(it is sold for $23,500 cash and (b) itu sold for $94.000 cash