The following information applies to the questions displayed below.) Onslow Co purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine and an additional $1600 to secure it in place. The machine will be used for six years and have a $23,040 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of Problem 8-6A Part 3 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $21.000 cash; (b) it is sold for $84.000 cash, and it is destroyed in a fire and the insurance company pays $31,500 cash to settle the loss claim. View transaction list Journal entry worksheet