Below is a problem I do not know how to solve. I inserted the account titles and amounts that I know are right, and put a ""?" in the spots that I'm not sure what the answer is:

Problem 8-6A Disposal of plant assets LO C1, P1, P2

[The following information applies to the questions displayed below.]

Onslow Co. purchases a used machine for $192,000 cash on January 2 and readies it for use the next day at a $10,000 cost. On January 3, it is installed on a required operating platform costing $2,000, and it is further readied for operations. The company predicts the machine will be used for six years and have a $23,040 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of.

Problem 8-6A Part 1 Required: 1.Prepare journal entries to record the machine's purchase and the costs to ready and install it. Cash is paid for all costs incurred.

Date General Journal Debit Credit Jan 02 Machinery 192,000 Cash 192,000 Jan 03 Machinery 10,000 Cash 10,000 Jan 03 Machinery 2,000 Cash 2,000

Problem 8-6A Part 2 2.Prepare journal entries to record depreciation of the machine at December 31. (a)Its first year in operations.

Date General Journal Debit Credit Dec 31 Depreciation expenseMachinery ? Accumulated depreciationMachinery ?

(b)The year of its disposal.

Date General Journal Debit Credit Dec 31 Depreciation expenseMachinery ? Accumulated depreciationMachinery ?

Problem 8-6A Part 3 3.Prepare journal entries to record the machine's disposal under each of the following separate assumptions: (a)It is sold for $20,000 cash.

Date General Journal Debit Credit Dec 31 Cash 20,000 Accumulated depreciationMachinery ? Loss on sale of machinery ? Machinery 204,000

(b)It is sold for $80,000 cash.

Date General Journal Debit Credit Dec 31 Cash 80,000 Accumulated depreciationMachinery ? Machinery 204,000 Gain on sale of machinery ?

(c)It is destroyed in a fire and the insurance company pays $30,500 cash to settle the loss claim.

Date General Journal Debit Credit Dec 31 Cash 30,500 Accumulated depreciationMachinery ? Loss from fire ? Machinery 204,000