Connect Homework: Chapter 8 i Saved Required information Part 3 of 3 [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 $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 $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. points eBook 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $23,000 cash; (6) it is sold for $92,000 cash; and (c) it is destroyed in a fire and the insurance company pays $33,500 cash to settle the loss claim. Print View transaction list View journal entry worksheet No General Journal Credit Date Dec 31 Debit 23,000 References 2 Dec 31 92,000 3 Dec 31 33,500