On December 31, 2022, Pearl Inc. has a machine with a book value of $770,800. The original cost and related accumulated depreciation at this date are as follows (all amounts in thousands). Depreciation is computed at $59,040 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, 2020. An insurance settlement of 516,600 was received for this casualty. The insurance company confirmed on September 30 that the claim would be covered and that the amount of the settlement ( $516,600 ) would be paid on October 15. (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 0 for the amounts.)