Sred Help Save & Exit Sub require HTUTION 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 $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 $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 3. Prepare journal entries to record the machine's disposal under each separate situation. (a) it is sold for $23,000 cash and (bit is sold for $92,000 cash View transaction lit Journal entry worksheet 1 2 Record the sale of the used machine for $23,000 cash Note Enter debts before credits General Journal Credit Date December 31 Cash Debit 23,000 REYU HIIVOUS 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 $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 $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 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $23,000 cash and (b) it is sold for $92,000 cash View transaction at Journal entry worksheet Record the sale of the used machine for $92,000 cash. Note: Enter debits before credits General Journal Debit Credit Date December 31