3 Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate ce Part 3 of 3 9 points Required information Problem 8-6A Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below] Onslow Co. purchased a used machine for $144,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine and an additional $2,000 to secure it in place. The machine will be used for six years and have a $17,280 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 $24,000 cash; (b) it is sold for $96,000 cash; and (d) it is destroyed in a fire and the insurance company pays $34,500 cash to settle the loss claim. Answer is not complete. No 1 Dale Dec 31 General Joumal Debit Credit Cash 24,000 Loss on sale of machinery 15,000 Accumulated depreciation-Machinery Machinery 2 Dec 31 Cash Accumulated depreciation-Machinery Gain on sale of machinery Machinery 3 Dec 31 Cash Loss from fire Accumulated depreciation-Machinery Machinery 0000 0000 0000 179,200 06.000 111,600 56,400 151.200 34,500 5,100 111,600 151,2001