Problem 8-6A Disposal of plant assets LO C1, P1, P2 (The following information applies to the questions displayed below Onslow Co. purchased a used machine for $288.000 cash on January 2. On January 3, Onslow paid $8.000 to wire electricity to the machine and an additional $1600 to secure it in place, The machine will be used for slx 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 Part 1 Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred. View transaction ist Journal entry worksheet 3 1 Record the costs of $8,000 incurred on the used machine. Problem 8-6A Disposal of plant assets LO C1, P1, P2 (The following information applies to the questions displayed below Onslow Co. purchased a used machine for $288,000 cash on January 2. On January 3, Onslow paid $8.000 to wire electricity to the machine and an additional $1.600 to secure it in place. 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 Part 1 Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred. View transaction list Journal entry worksheet