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Problem 8-6A (Algo) Disposal of plant assets LO C1, P1, P2 (The following information applies to the questions displayed below] Onslow Compony purchased a used machine for $288,000 cash on January 2 . On January 3 , Onslow paid $6,000 to wire electricity to the machipe. Onslow paid an additional $1,200 on January 4 to secure the machine for operation. 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 finh year in operations, it is disposed of Problem 8-6A (Algo) Part 3 3. Prepare journal entules to record the machine's disposal under each separate situation: () it is sold for $22,000 cash and (b) it is sold for $88,000 cash