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Required information Problem 8-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following Information applies to the questions displayed below.) Onslow Company purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine. Onslow paid an additional $2,000 on January 4 to secure the machine for operation. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31. at the end of its fifth year in operations, it is disposed of. Journal entry worksheet 1 2 3 Record the purchase of a used machine for $240,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit January 02 ces Record entry Clear entry View general Journal Journal entry worksheet Record the costs of $10,000 incurred on the used machine. Note: Enter debits before credits. General Journal Debit Credit Date January 03 Record entry Clear entry View general journal Journal entry worksheet Record the first year year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal Journal entry worksheet Record the sale of the used machine for $94,000 cash. Note: Enter debits before credits General Journal Date December 31 Debit Credit Record entry Clear entry View general Journal