The following information applies to the questions displayedbelow1 Onslow Co. purchases a used machine for $178,000 cash on January 2and readies it for use the next day at cost on January 3, it is installed on a required operating platform costing$1160, and it is further readied for operators The company predicts the machine will be used for six years and have a $14,000 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of Required: 1. Prepare journal entres to record the machine's purchase and the costs to ready and Install it Cash Is pald for all costs Incurred view transaction list view general journalM Journal Entry worksheet 52.B40 incurred on the used machine "Enter debits before credits 8 9 9 Next The following information applies to the questions displayedbelow1 Onslow Co. purchases a used machine for $178,000 cash on January 2and readies it for use the next day at cost on January 3, it is installed on a required operating platform costing$1160, and it is further readied for operators The company predicts the machine will be used for six years and have a $14,000 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of Required: 1. Prepare journal entres to record the machine's purchase and the costs to ready and Install it Cash Is pald for all costs Incurred view transaction list view general journalM Journal Entry worksheet 52.B40 incurred on the used machine "Enter debits before credits 8 9 9 Next