10 Question 4 of 5 View Policies Show Attempt History Current Attempt in Progress Adex.html?launchid-538586c8-a478 /question/3 8.67/26 On December 31, 2020, Flounder Inc. has a machine with a book value of $1,410,000. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value $1,950,000 540,000 $1,410,000 Depreciation is computed at $90,000 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal. (a) Your answer is correct. A fire completely destroys the machine on August 31, 2021. An insurance settlement of $645,000 was received for this