On December 31,2020, Novak Inc. has a machine with a book value of $1,203,200. The original cost and related aceumulated depreciation at this date are as follows. Depreciation is computed at $76,800 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 ransaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposali: Accumulated Depreciation- Machinery (To record current depreciation.) August 31,2021 Accurnalated Depreciation-Machinery 505600 Contribution Experse 1409000 Gair on Disposal of Machinery Machinery (To record loss of the machine.) A fire completely destroys the machine on August 31, 2021. An insurance settlement of $550,400 was received for this casualty Assume the settlement was received immediately. (Credit occount titles are outomaticolly indented when amount is entered. Do not. indent manually. If no entry is reauired, select "No Entry" for the accodit titles and enter O for the amounts.)