Chapter 8 Homework 6 Saved Help Save& Exit Submit Check my work 5 Required Information [The following information applies to the questions displayed below. ] Onslow Co' purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $10,000 to wire Pan 3 of3 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 $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. 1 points 3. Preparejournal entries to record the machine's disposal under each separate situation: (a) it is sold for $20,500 cash and (b) it is sold for $82,000 cash. eBook Pm\" View transaction list View journal entry worksheet References /' 1 Dec 31 Cash 21,000 Accumulated depreciationMachinery 214,167 Loss on sale of machinery 21,833 Machinery 257,000 /' 2 Dec 31 Cash Accumulated depreciationMachinery Machinery Gain on sale of machinery