Om December 31, 2020, Pina, inc. Has a machine with a book value of $1,278,400. The original cost and related accumulated depreciation at this date are as follows:

Mmachine. $1,768,000

Less: accumulated depreciation $489,600

Book value $1,278,400

Ddepreciation is computed at $81 600 per year on a straight line basis.

A fire completely destroys the machine on August 31,2021. An insurance settlement of $584,800 was received for this casualty. Assume settlement was received immediately. Indicate a journal entry to record transaction