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 The journal entry will be recorded to remove the carrying value: The journal entry to record the insurance claim: Insurance receivable 1,300,000 Insurance proceeds 1,300,000 - Loss due to fire: $1,200,000$800,000=$400,000 - Insurance recovery: $1.7million95%=$1,500,000200,000=$1,615,000$1,500,000(cap)$1,300,000 These Journal entries are correct, what are the specific ASC Codifications (there is more than just one or two) that justify each entry and more specifically the calculations to make the entry? (ex: what ASC codification justifies debiting the accumulated deprecation? What ASC codification justifies the 1.3 million?) ASC Codifications must be presented as xxxxxxxx and must come from: asc.fasb.org. Trying to use google will end up with codification numbers that are no longer valid (Ex. When you google ASC 605-20-25-1, it talks about revenue recognition but when you enter that number into FASB, the topic is Separately Priced Extended Warranty and Product