Help with journal entries

Problem 5. Onslow Co. purchases a used machine for $240,000 cash on January 2 and readies it for use the next day at a $10,000 cost. On January 3, it is installed on a required operating platform costing $2,000, and it is further readied for operations. The company predicts the machine will be used for six years and have a $28,800 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fith year in operations, it s disposed of Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready and install it. Cash is paid for all costs incurred as follows: a. Record the purchase of a used machine for $240,000 cash b. Record the costs of $10,000 incurred on the used machine. c. Record the cost of $2,000 for an operating platform. 2. Prepare journal entries to record depreciation of the machine on December 31 for the first year and the second year year-end adjusting entry for the depreciation expense of the used machine, 3. Prepare journal entries to record the machine disposal under each of the following a. Record the sale of the used machine for $25,000 cash. b. Record the sale of the used machine for $100,000 cash. C. Record the insurance settlement received $35,500 resulting from the total destruction of the machine in a fire. Problem 6 The Kansas Company buys 1,000 shares of Topeka Inc. on August 1, Year One, for $19 per share. Topeka paid a $1 per share cash dividend on December 12, Year One. The shares are worth $23 per share on December 31, Year One. Kansas sells this entire investment on April 7, Year Two, for $25 per share. 1. 2. 3. If this asset is viewed as an investment in trading securities, what is reported in the Year One financial statement for Kansas? If this asset is viewed as an investment in trading securities, what is reported in the Year Two financial statements for Kansas? If this asset is viewed as an investment in available-for-sale securities, what is reported in the Year One financial statement for Kansas? If this asset is viewed as an investment in available-for-sale securities, what is reported in the Year Two financial statements for Kansas? 4. Problem 7 Record Investor Corporation's journal entry for each of the following events 1. Investor Corporation purchases 600 shares of stock in Company A for $60 per share on December 6, Year One. This investment is considered a trading security. 2. At the end of Year One, Company A shares are selling for $63 each. 3. On January 31, Year Two, Company A pays a cash dividend of $2 per share 4. At the end of Year Two, Company A shares are selling for $59 each. 5. On January 22, Year Three, Investor sells all of the shares of Company A for $62 each