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Required information Problem 8-6A (Static) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below] Onslow Company purchased a used machine for $178,000 cash on January 2. On January 3, Onslow paid $2,840 to wire electricity to the machine. Onslow paid an additional $1,160 on January 4 to secure the machine for operation. The machine will be used for six years and have a $14,000 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 (Static) Part 3 3. Prepare Journal entries to record the machine's disposal under each separate situation: (a) it is sold for $15,000 cash and (b) is sold for $50,000 cash. Answer is not complete. No General Journal Debit Credit Date December 31 1 Cash Accumulated depreciation-Machinery Loss on sale of machinery Machinery OO 15,000 140,000 27,000 182,000 N December 31 50,000 140,000 Cash Accumulated depreciation-Machinery Machinery Gain on sale of machinery 182,000 23,000