Seved Help Save & Exit Submit Check my work Required information [The following information applies to the questions displayed below.) Onslow Co purchased a used machine for $192,000 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 $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 3. Prepare journal entries to record the machine's disposal under each separate situation; (d) it is sold for $20,500 cash: (c) it is sold for $82,000 cash; and (it is destroyed in a fica and the insurance company pays $31,000 cash to settle the loss claim View transaction list Journal entry worksheet 1 Record the sale of the used machine for $20,500 cash. Required information No Date Debit Credit 1 Dec 31 General Journal Cash Accumulated depreciation Machinery Loss on sale of machinery Machinery 20,500 146,800 29,900 N Dec 31 Cash Accumulated depreciation-Machinery Gain on sale of machinery Machinery 82,000 146,800 3 Dec 31 Cash Accumulated depreciation - Machinery Loss on sale of machinery Machinery 31,000 146.800 X