Onslow company purchased a used machine for $178,000 cash on january 2. On january 3, onslow paid $2,840 to wire electricity to the machine. Onslow paid an additional $1,160 on january 4 to secure the machine for operation. The machine will be used for six years and have a $14,000 salvage value. Straight-line depreciation is used. On december 31, at the end of its fifth year in operations, it is disposed of.