On December 31, 2020, Marigold Inc. has a machine with a book value of $ 1.165,600. The original cost and related accumulated depreciation at this date are as follows. $1,612,000 Machine Less: Accumulated depreciation 446,400 + Book value $1,165,600 Depreciation is computed at $ 74,400 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 (a) Are completely destroys the machine on August 31, 2021. An Insurance settlement of $ 533,200 was received for this casualty, Assume the settlement was received immediately. (Credit occount 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) Debit Credit Date Account Titles and Explanation (a) A fire completely destroys the machine on August 31, 2021. An insurance settlement of $ 533,200 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.) Account Titles and Explanation Credit ust 31, 2021 Depreciation Expense Date Debit 49600 Accumulated Depreciation Machinery 49600 (To record current depreciation) ust 31, 2021 Loss on Disposal of Machinery Cash Accumulated Depreciation Machinery Machinery (To record loss of the machine)