Question HiCrest Company purchased a machine for cash on March 1, 2016, for $250,000. The cost of installing this machine and getting it ready to use was an additional 50,000. The machine has an estimated useful life of 5 years and a $10,000 residual value. Required: Part A Make the journal entry to record the purchase of the Machine. Part B Make the Journal entry on Dec 31, 2016, to record the depreciation for the year of 2016. Use Straight line method. Part 6 Make the Journal entry on Dec 31, 2017, to record the depreciation for the year of 2017. Use Straight line method. Part D Draw the Accumulated Depreciation Taccount for the year ended Dec 31".2017 Part E Renaissance Incorporated is a worldwide operator and franchisor of hotels and has over $750 million in property and equipment. Assume that Renaissance replaced furniture that had been used in the business for five years. The records of the company reflected the following regarding the sale of the existing furniture: Furniture (cost) $3,000,000 Accumulated depreciation 2,750,000 Give the journal entry for the disposal of the furniture, assuming that it was sold for S 800,000 cash