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[The following information applies to the questions displayed below.) Saturn Co. purchases a used machine for $240,000 cash on January 2 and readies it for use the next day at an $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 $28.800 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of. value: 7.00 points Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready and install it. Cash is paid for all costs incurred. (Omit the "$" sign in your response.) General Journal Debit Date Credit Machinery purchase cost (Click to select) Jan. 2 (Click to select) Preparation cost (Click to select) (Click to select) Jan. 3 Operating platform cost (Click to select) (Click to select) Jan, 3 Prepare journal entries to record depreciation of the machine at December 31. (Omit the "$" sign in your response.) Its first year in operations. General Journal Date Debit Credit (Click to select) Dec. 31 (Click to select) The year of its disposal. Credit Debit General Journal Date Dec. 31 (Click to select) (Click to select) Prepare journal entries to record the machine's disposal under each of the following separate assumptions (Omit the "$" sign in your response): It is sold for $20,000 cash. Date General Journal Debit Credit (Click to select) (Click to select) (Click to select) (Click to select) Dec. 31 It is sold for $80,000 cash. Date General Journal Debit Credit (Click to select) (Click to select) Dec. 31 (Click to select) (Click to select) It is destroyed in a fire and the insurance company pays $30,500 cash to settle the loss claim. Debit Date General Journal Credit (Click to select) Dec. 31 (Click to select) (Click to select) (Click to select)

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