A fire completely destroys the machine on August 31, 2021. An insurance settlement of $593,400 was received for this casualty. Assume the settlement was received immediately. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date Account Titles and Explanation Debit Credit

August 31, 2021 Depreciation Expense 55,200

Accumulated Depreciation-Machinery 55,200

(To record current depreciation.)

August 31, 2021

Cash 593,400

Accumulated Depreciation-Machinery 552,000

Loss on Disposal of Machinery 648,600

Machinery 1,794,000

(To record loss of the machine.)

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(b)

On April 1, 2021, Marigold sold the machine for $1,435,200 to Yoakam Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date Account Titles and Explanation Debit Credit

April 1, 2021 enter an account title to record current depreciation enter a debit amount enter a credit amount

enter an account title to record current depreciation enter a debit amount enter a credit amount

(To record current depreciation.)

April 1, 2021

enter an account title to record sale of the machine enter a debit amount enter a credit amount

enter an account title to record sale of the machine enter a debit amount enter a credit amount

enter an account title to record sale of the machine enter a debit amount enter a credit amount

enter an account title to record sale of the machine enter a debit amount enter a credit amount

(To record sale of the machine.)