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 a $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. Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred View transaction list Journal entry worksheet