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(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. 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 < 2 3 1 Record the purchase of a used machine for $240,000 cash Note Enter debits before credits General Journal Debit Credit Date January 02

View transaction list Journal entry worksheet < 1 2 2 3 Record the costs of $8,000 incurred on the used machine. Note: Enter debits before credits Date General Journal Debit Credit January 03

Journal entry worksheet < 1 2 3 Record the cost of $1,600 for an operating platform. Note: Enter debits before credits. General Journal Debit Credit Date January 04 Record entry Clear entry View general Journal Drew 8: