Recording Asset Acquisition, Depreciation, and Disposal

On January $2,$ Year $1,$ Verdi Company acquired a machine for $$240,000$ cash. In addition to the purchase price, verdi spent $$5,000$ for shipping and installation, and $$7,000$ to calibrate the machine prior to use. The company estimates that the machine has a useful life of $5$ years and residual value of $$19,500.$

Prepare journal entries for the following:

a$.$ Acquisition of the machine including all costs incurred to prepare it for its intended use.

b$.$ Depreciation in the first year. Verdi uses the straight$-$line method of depreciation.

c$.$ Sale of the machine on December $31,$ Year $4.$ verdi sold the machine to another company for $$35,000.$

$\backslash$table$[[$Account$,,$Debit,Credit$],[,,,],[,,,$Niv$],[$To record acquistion,ry$.,$men,wition$],[,,,$HiV$],[,,243,$TVT$],[$To record depreciatic,$0,14,41],[,,$Und,$],[,,4,$NH$],[,,604,$Hit$],[,,,],[$To record sale of $m,,,]]$