Juli 0 102% . 2C do Share Do o Thomasville Furniture purchased a used machine for $83,500 on January 2, 2011. It was repaired Problem 12-15A the next day at a cost of 53,420' and installed on a new pration that cost $1.080. The company Disposal of PPE predicted that the machine would be used for six years and would then have a $14,800 residual LO1, 2, 3,6 value. Depreciation was to be charged on a straight-line basis to the nearest whole month. A full year's depreciation was recorded on December 31, 2011. On September 30, 2016, it was retired. Required Check figures: 1. Prepare journal entries to record the purchase of the machine, the cost of repairing it, and the 2. Dec 31, 2011 = $12 installation. Assume that cash was paid. 3a. Loss = $2,850 2. Prepare entries to record depreciation on the machine on December 31 of its first year and on 3b. Gain = $1,650 September 30 in the year of its disposal (round calculations to the nearest whole dollar). 3c. Gain = $550 3. Prepare entries to record the retirement of the machine under each of the following unrelated assumptions: a. It was sold for $15,000. b. It was sold for $19,500. c. It was destroyed in a fire and the insurance company paid $18,400 in full settlement of the loss claim. 22