On December 31, 2020, Toto Ltd. has a machine with a book value of P940,000. The original cost and related accumulated depreciation at this date are as follows (all amounts in thousands). Machine P1,300,000 Less: Accumulated depreciation 360,000 Book value P 940,000 Depreciation is computed at P72,000 per year on a straight-line basis. Required 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 P630,000 was received for this casualty. Assume the settlement was received immediately. b. On April 1, 2021, Toto sold the machine for P1,040,000 to Africa Company. c. On July 31, 2021, the company donated this machine to the Nairobi City Council. The fair value of the machine at the time of the donation was estimated to be P1,100,000.