THS IS A PROBLEM WITH THREE PARTS TO COMPLETE IT ALTOGETHER. PLEASE MODEL YOUR RESPONSE LIKE A TABLE TO MAKE IT EASIER TO UNDERSTAND :)

PART I:

1) Record the purchase of a used machine for $240,000 cash.

2) Record the costs of $8,000 incurred on the used machine.

3) Record the cost of $1,600 for an operating platform.

PART II:

1) Record the first year year-end adjusting entry for the depreciation expense of the used machine.

2) Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine.

PART III:

1) Record the sale of the used machine for $21,000 cash.

2) Record the sale of the used machine for $84,000 cash.

3) Record the insurance settlement received of $31,500 resulting from the total destruction of the machine in a fire.

Required Information Problem 8-6A Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.] Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine and an additional $1.600 to secure it in place. 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 Part 2 2. Prepare journal entries to record depreciation of the machine at December 31. View transaction list Journal entry worksheet Record the first year year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. Date General Journal Dec 31 Debit Credit Record entry Clear entry View general journal Required Information Problem 8-6A Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.) Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine and an additional $1,600 to secure it in place. 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 Part 3 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) It is sold for $21,000 cash; (b) it is sold for $84.000 cash; and (c) It is destroyed in a fire and the insurance company pays $31,500 cash to settle the loss claim. View transaction list Journal entry worksheet Record the sale of the used machine for $21,000 cash. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal