HW10 Q8 **This question was marked incorrect, (red x marks the box wrong, shown below)**

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Required information [The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $288,000 cash on January 2 . On January 3 , Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional $1,600 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 fifth year in operations, it is disposed of. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $24,000 cash and (b) it is old for $96,000 cash. tirely correct