Problem $8-6$A PLEASE ANSWER ALL THREE PARTS OF THE QUESTION.

Onslow Company purchased a used machine for $$240,000$ cash on January$2.$ On January $3,$ Onslow paid $$8,000$ to wire electricity to the machine.Onslow pald an additional $$1,600$ on January $4$ to secure the machine for operation. The machine will be used for six years and have a $$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$.$Required:

$1.$ Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is pald for all costs incurred

$2.$ Prepare journal injuries to record depreciation of the machine at December $31.$

$3.$ Prepare journal injuries to record the machines disposal under each separate situation $($a$)$ it sold for $ $20,500$ cash and $($b$)$ it is sold for $$82,000$ cash.