Please complete all of the following parts to this ONE question and ill be sure to thumbs up also post in a similar format thank you so much

• Record the purchase of a used machine for $240,000 cash.
• Record the costs of $8,000 incurred on the used machine.
• Record the cost of $1,600 for an operating platform.

• Record the first year year-end adjusting entry for the depreciation expense of the used machine.
• Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine.
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• Record the sale of the used machine for $24,000 cash.
• Record the sale of the used machine for $96,000 cash.

Required Information Problem 8-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.) Onslow Company purchased a used machine for $240,000 cash on January 2 On January 3, Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional $1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. Problem 8-6A (Algo) Part 1 Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred. View transaction list Journal entry worksheet Record the purchase of a used machine for $240,000 cash. Note: Enter debits before credits. General Journal Debit Credit Date January 02 Record entry Clear entry View general journal Required Information Problem 8-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $240,000 cash on January 2 On January 3. Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional $1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. Problem 8-6A (Algo) Part 2 2. Prepare journal entries to record depreciation of the machine at December 31. View transaction list Journal entry worksheet Record the sale of the used machine for $96,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal