Onslow Company purchased a used machine for $288,000 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 $34,560 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 (Algo) Part 3 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $21,500 cash and (b) it is sold for $86,000 cash. View transaction list Journal entry worksheet < Record the sale of the used machine for $86,000 cash. Note: Enter debits before credits. Date December 31 General Journal Debit Credit

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