On December 31, 2020. Carla Inc has a machine with a book value of $1.109.200. The original cost and related accumulated depreciation at this date are as follows Machine Less: Accumulated depreciation Book value $1,534,000 424,800 $1.109.200 Depreciation is computed at $70.800 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 Afire completely destroys the machine on August 31, 2021. An insurance settlement of $507.400 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 for the amounts.) Credit Debit Date Account Titles and Explanation August 31, 2021 To record current depreciation August 31, 2021 To records of the machine