One of Benjamin's warehouses and its contents were destroyed by a fire on December 1 . The warehouse had an acquisition cost of $1.2 million and accumulated depreciation through November 30 of $800,000. The estimated cost of replacing the warehouse is $1.7 million. The warehouse was insured, but the insurance proceeds have not yet been received. However, the insurer has assessed the damage and has agreed to cover 95% of the replacement cost of the warehouse, not to exceed $1.5 million. The insurance policy requires Benjamin to pay a $200,000 deductible. Analyze the information above, and prepare a memorandum addressing the correct accounting for the transactions above. In your memo, specifically address the following items: - Apply and explain all relevant ASC sections related to the each transaction - Record all entries for Benjamin. - Show and explain all calculations for each journal entry, and use the ASC to support your assumptions and computations. Must give specific ASC case numbers, ex. ASC 84510306.( asc. fasb.org)