Onslow Co. purchases a used machine for $288,000 cash on January 2 and readies it for use the next day at a $8,000 cost. On January 3, it is installed on a required operating platform costing $1,600, and it is further readied for operations. The company predicts the machine will be used for six years and have a $34,560 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of.

Prepare journal entries and record machine disposal under each of the seperate assumptions

(1) It is sold for $24,500 cash

(2) It is sold for $98,000 cash

3) It is destroyed and the insurance company pays $35,000 cash to settle claim.