On December 31,2022 , Sage Hill Inc. owns a machine with a carrying amount of $1,050,000. The original cost and accumulated depreciation for the machine on this date are as follows: Depreciation is calculated at $60,000 per yearpon a straight-line basis. A set of independent situations follows. For each situation, prepare the journal entry for Sage Hill to record the transaction. Ensure that depreciation entries are recorded to update the machine's carrying amount before its disposal. Assume that Sage Hill uses IFRS for financial statement purposes. (a) Your answer has been saved. See score details after the due date. A fire completely destroyed the machine on August 31, 2023. An insurance settlement of $419,000 was received for this casualty. Assume the settlement was received immediately, (Credit occount titles are automatically indented when the amount is entered. Do not indent manually, If no entry is required, select "No Entry' for the account titles and enter Ofor the amounts. List all debit entries before credit entries) Credit August 31,2023 Depreciation Expense 360000 (To record depreciation on machinery) August 31,2023 Insurance Expense Machinery (To record disposal of machinery) eTextbook and Media List of Accounts Question Part Score Attempts: 1 of 1 used (b) (To record disposal of machinery) eTextbook and Media List of Accounts Attempts: 1 of 1 used Your arswer has been saved. See score details after the due date. On July 31, 2023, the company donated the machine to the Dartmouth City Council. The machine's fair value at the time of the donation was estimated to be $1.5 million. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries:) Would the treatment of situations (a) through (c) differ if presented under ASPE instead of IFRS? eTextbook and Media List of Accounts