Keiras Kar Company purchases a Machine and incurs the following costs:

Purchase Price $250,000 Sales Tax $5,000 Installation Cost $1,500 Electricity Costs for the Year $2,000 Deliver Costs $500

Required:

a. Calculate the Total Cost of the Machine and RECORD the purchase for CASH in the Journal. b. Keira estimates the MACHINE will have a $10,000 Salvage Value and a 5 Year useful life. Calculate the annual DEPRECIATION EXPENSE and RECORD it in the Journal. c. After Year 1What is the Book Value or Carrying Value of the Machine? d. Assume that after 5 years, and the Machine is FULLY Depreciated (Accumulated Depreciation Balance = $257,000), Keira sells the Machine for $8,000 Cash. Calculate the Gain or Loss on Sale.. and Record the Sale of the Machine in the Journal.