Please explain in detail each step

Question two: (15 marks) 1) Ford Inc. acquires an additional machine on January 1, 2019 to meet the growing demand for its product. There were two alternatives, first cash purchase $1,600,000 and second Installment purchase requiring 15 annual payments of $210,358 due December 31 each year (10%). The expected economic life of this machine to Ford is 15 years. Salvage value at that time is estimated to be $100,000. Straight-line depreciation is used. Interest expense is computed using the effective interest method. Journalize all entries required during 2018? 2) Ford Inc, acquires on April 1, 2018 a machine cost $140,000 with seven years estimated life and used straight line method to depreciate. On December 31, 2018 the machine value in use was 120,000 and estimated sales price 122,000. On 31, December 2019 after recorded depreciation the machine value in use was 103,000 and estimated sales price 102,000. Journalize all entries required in 31/12/2018, 31/12/2019,31/12/2020