on December 31, 2022, tamarisk inc. owns a machine with a carrying amount of $744,000. The original cost and accumulated depreciation for the machine on this date follow:

machine $1320000.

accumulated depreciation of $576000

Depreciation is calculated at $96,000 per year on a straight-line basis.

A set of independent situations follows. for each case, prepare the journal entry for Tamarisk to record the transaction. Ensure that depreciation entries are recorded to update the machine's carrying amount before its disposal. assume that Tamarisk uses IFRS for financial statement purposes.

A fire completely destroyed the machine on August 31, 2023. An insurance settlement of $428,000 was received for this casualty. Assume the settlement was received immediately.