6. Assume that you are maintaining the accounts of XYZ company which close it's accounting period on December 31 of each year. On January 1, 1995, the company acquired a machine of AED 500,000 paid by a cheque, knowing that the assets are depreciated at cost using straight-line method and the annual rate of depreciation is 20%. On July 1, 1996 the machine which was fully insured went in fire and reported as completely damaged. The company claimed the insurance company to refer the cost of the machine, but the insurance company agreed to pay only 75% of it's cost on three equal installments due on the 15th of each month. Prepare the appropriate journal entries for this transactions