On December 31, 2020, Oriole 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 $1,534,000 Less: Accumulated depreciation 424,800 Book value $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. (a) A fire 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 O for the amounts.) Date August 31, 2021 August 31, 2021 Account Titles and Explanation (To record current depreciation.) (To record loss of the machine.) Debit Credit