Chapter 8 Problems Saved Onslow Co, purchased a used machine for $192,000 cash on January 2 On January 3, Onslow paid $8,000 to wire electricity to the machine and an additional $1,600 to secure it in place. The machine will be used for six years and have a $23,040 salvage value. Straight-line depreciation is used On December 31, at the end of its fifth year in operations, it is disposed of Pert 1 of 3 Required: 142 points 1. Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for alli costs incurred View transaction list elook Journal entry worksheet Print 2 3 References Record the purchase of a used machine for $192,p00 cash. Note: Enter debits before credits General Journal Debit Credit Date Jan 02 View general jounal Clear entry Record entry