7 Required information The following information applies to the questions displayed below.) Onslow Co. purchased a used machine for $288,000 cash on January 2. On January 3. Onslow paid $6,000 to wire electricity to the machine and an additional $1.200 to secure it in place. The machine will be used for six years and have $34.560 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of 3 of 3 01.57 44 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $22.500 cash (ofit is sold for $90,000 cash and (it is destroyed in a fire and the insurance company pays $33,000 cash to settle the loss claim Vlow transaction list Journal entry worksheet 1 2 Record the sale of the used machine for $22.500 cash Note Enter det before General Joul Det