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On December 31, 2019, Kingbird Inc. owns a machine with a carrying amount of $1,000,000. The original cost and accumulated depreciation for the machine on this date are as follows: Machine $1,360,000 Accumulated depreciation 360,000 $1,000,000 Depreciation is calculated at $60,000 per year on a straight-line basis. A set of independent situations follows. For each situation, prepare thejournal entry for Kingbird Inc. to record the transaction. Ensure that depreciation entries are recorded to update the machine's carrying amount before its disposal. Assume that Kingbird Inc. uses IFRS for nancial statement purposes. A re completely destroyed the machine on August 31, 2020. An insurance settlement of $420,000 was received for this casualty. Assume the settlement was received immediately. (Credit account titles are automatically indented when the 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, ' | 2020 (To record depreciation on machinery) August 31, 2020 (To record disposal of machinery) On April 1,2020, Kingbird sold the machine for $1,050,000 to Blossom Company. (Credit account titles are automatically indented when the 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, 2020 (To record depreciation on machinery) 932%1' %QI :S: ll % (To record disposal of machinery) On July 31, 2020, the company donated the machine to the Dartmouth City Council. The machine's fair value at the time of the donation was estimated to be $1.4 million. (Credit account titles are automatically indented when the 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 July 31, 2020 July 31, 2020 Account Titles and Explanation : E (To record depreciation on machinery) : Debit : : : Credit % Z E (To record disposal of machinery) Would the treatment of situations (a) through (c) differ if presented under ASPE instead of IFRS? book and Media