Onslow Co purchased a used machine for $178.000 cash on January 2. On January 3, Onslow paid $2.840 Problem 10-6A to wire electricity to the machine and an additional S1,160 to secure it in place. The machine will be used Disposal of plant assets for six years and have a $14.000 salvage valuo. Straight-line depreciation is used on December 31. at the 01 P1 P2 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 rendy it for use. Cash is paid for all costs incurred. 2. Prepare journal entries to record depreciation of the machine at December 31 of (a) its first year of Chuck Desert operations and (b) the year of its disposal. $38.000 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for De Re $12.000 $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