One of Benjamins 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. What is the proper Journal entry?