Long term asset

Exerclse 10-24 (Part LEVII thmlsslon) On December 31, 2017, Marln Inc. has a machlne wlth a book value of $1,316,000. The nriglnal cast and related accumulated depreclatiun at thls date are as follows. Macnlne $1,820,000 Less: Accumulated depreclation 504.000 Book value $1,316,000 Depreciatlun is computed at $84,000 per year on a straightillne basis. Presented below is a set at Independent sltuatlnns. For eacn lndependent sltuatlnn, lndlcate tnejdurnal entry to he made to record the transattlon. Make sure that depreciatlon entrles are made to update tne book value of the machlne prior to Its dlsposal. V (a) A fire completeiy destroys the machine on August 31, 2018. An insurance settiement of $502,000 was received for this casualty. Assume the settiement was received immediately. (Credit acmunt titres are automatically indented when amount I: entered. Do not trident meulli'y. If no entry [5 required, select "No Entry" Mr the account titles and enter 0 Mr the emcunm.) Dal: Ammnsllhlnlm new Erna August 31, 2018 | i i i i I (To record current depreciation.) August 31, 2018 | i i i ' (To record loss of the machine.)