IV. On December 31, 2022, Mitsui Ltd. has a machine with a book value of 940,000. The original cost and related accumulated depreciation at this date are as follows (all amounts in thousands). Machine Less: Accumulated depreciation Book value 1,300,000 360,000 940,000 Depreciation is computed at 72,000 per year on a straight-line basis. Instructions (8%) 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. 2 a. A fire completely destroys the machine on August 31, 2020. An insurance settlement of 630,000 was received for this casualty. The insurance company confirmed on September 30 that the claim would be covered and that the amount of the settlement (630,000) would be paid on October 15. b. On April 1, 2020, Mitsui sold the machine for 1,040,000 to Avanti Company. c. On July 31, 2020, 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 1,100,000