Candy Craze purchased and installed a machine on January 1, 2020, at a total cost of $304,500. Straight-line depreciation was taken each year for four years, based on the assumption of a seven-year life and no residual value. The machine was disposed of on July 1, 2024, during its fifth year of service. Candy Crazes year-end is December 31. Required: Present the entries to record the partial year's depreciation on July 1, 2024. View transaction list 1 Record partial year depreciation in year of disposal. ebit Note := journal entry has been entered Record entry Clear entry View 90 Record the disposal under each of the following unrelated assumptions: a. The machine was sold for $123,000 cash. View transaction list 1 Record the sale of machine for $123,000. pit Note := journal entry has been entered Record entry Clear entry View b. Candy Craze received an insurance settlement of $97,000 resulting from the total destruction of the machine in a fire. View transaction list 1 Record receipt of $97,000 from insurance settlement. bit Note :journal entry has been entered Record entry Clear entry View