on january 1 2014 ultra green packaging purchased a used machine for 156000 the next day it was repaired at a cost of 4068

Required
1. Prepare journal entries to record the purchase of the machine, the cost of repairing it, and the installation. Assume that cash was paid.
2. Prepare entries to record depreciation on the machine on December 31, 2014, and on April 1, 2019 (round calculations to the nearest whole dollar).
3. Prepare entries to record the retirement of the machine under each of the following unrelated assumptions:
a. It was sold for $36,000.
b. It was sold for $60,000.
c. It was destroyed in a fire and the insurance company paid $24,000 in full settlement of the loss claim.