Part I

$(1)$ What is the definition of a fixed asset and which types of expenses can be added to the capitalized cost of a fixed asset?

$(2)$ Please define the term "Net book value."

Part II

Prepare the journal entry to record ONE of the following scenarios. Please be sure to identify which scenario you have selected.

$($a$)$ Discarding of Machine #$1$: Original cost, $$25,000$; accumulated depreciation, $$20,000.$

$($b$)$ Sale of Machine #$2$: Original cost, $$50,000$; accumulated depreciation, $$35,000$; sold for $$18,000$ cash.

$($c$)$ Sale of Machine #$3$: Original cost, $$75,000$; accumulated depreciation, $$65,000$; sold for $$4,000$ cash.