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im stuck on part 3 jornal entries Onslow Co. purchased a used machine for $178.000 cash on January 2. On January 3. Onslow paid 4.0

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Onslow Co. purchased a used machine for $178.000 cash on January 2. On January 3. Onslow paid 4.0 to wire electricity to the machine and an additional S1,100 to ash on January 2. On January 3, Onslow paid $2.840 menine and an additional $1,100 to secure it in place. The machine will be used or 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. Required Problem 10-6A Disposal of plantas C1 P1 P2 1. Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cantare for all costs incurred. frepare journal entries to record depreciation of the machine at December 31 of (a) its first year of operations and (b) the year of its disposal. 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $15,000 cash; (b) it is sold for $50,000 cash; and (c) it is destroyed in a fire and the insurance company pays $30,000 cash to settle the loss claim. Check (20) Apr $28,000 (30 Or Loss from

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