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Requlred lnformation [The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $192,000 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 $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. Prepare joumal entries to record the machine's disposal under each separate situation: (a) it is sold for $20,000 cash and (b) it is old for $80,000 cash. Journal entry worksheet Record the sale of the used machine for $20,000 cash. Note: Enter debits before credits. Requlred Information [The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $192,000 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 $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. Prepare joumal entries to record the machine's disposal under each separate situation: (a) it is sold for $20,000 cash and (b) it is old for $80,000 cash. Journal entry worksheet Record the sale of the used machine for $80,000 cash. Note: Enter debits before credits