Exercise 10-24 On December 31, 2020, Blossom Inc. has a machine with a book value of $1,203,200. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value $1,664,000 460,800 $1,203,200 Depreciation is computed at $76,800 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. Your answer is partially correct. Try again. A fire completely destroys the machine on August 31, 2021. An insurance settlement of $550,400 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 o for the amounts.) Debit Credit Date Account Titles and Explanation August 31, 2021Depreciation Expense August 31, 2021 51200 51200 Accumulated Depreciati (To record current depreciation.) August 31, 2021 TLoss on Disposal of Machir TCash IT Accumulated Depreciation. Machinery (To record loss of the machine.) Your answer is partially correct. Try again. On April 1, 2021, Blossom sold the machine for $1,331,200 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 o for the amounts.) Date Account Titles and Explanation Debit Credit April 1, 2021 TDepreciation Expense TAccumulated Depreciation (To record current depreciation.) April 1, 2021 Cash Accumulated Depreciation. TMachinery Gain on Disposal of Machir (To record sale of the machine.) Your answer is partially correct. Try again. On July 31, 2021, the company donated this machine to the Mountain King City Council. The fair value of the machine at the time of the donation was estimated to be $1,408,000. (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 o for the amounts.) Date Account Titles and Explanation Debit Credit July 31, 2021 TDepreciation Expense TAccumulated Depreciation- (To record current depreciation.) July 31, 2021 Contribution Expense Accumulated Depreciation Machinery TGain on Disposal of Machir (To record donation of the machine.)