Please help me fix these errors. Thanks. 
On December 31, 2020, Sheridan Inc. has a machine with a book value of $1,146,800. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value $1,586,000 439,200 $1,146,800 Depreciation is computed at $73,200 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 transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal. Afire completely destroys the machine on August 31, 2021. An insurance settlement of $524,600 was received for this casualty. Assume the settlement was received immediately. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit August 31, 2021 Depreciation Expense 48800 Accumulated Depreciation-Machinery 48800 (To record current depreciation.) August 31, 2021 Accumulated Depreciation-Machinery 488000 Cash 524600 Loss on Disposal of Machinery 85400 Machinery 1098000 (To record loss of the machine.) On April 1, 2021, Sheridan sold the machine for $1,268,800 to Yoakam Company. (Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Debit Credit April 1, 2021 Depreciation Expense 18300 Accumulated Depreciation-Machinery 18300 (To record current depreciation.) April 1, 2021 Accumulated Depreciation-Machinery 457500 Cash 1268000 Gain on Disposal of Machinery 139500 Machinery 1586000 (To record sale of the machine.) On July 31, 2021, the company donated this machine to the Mountain King City Council. The fair value of the machine at the time of the donation was estimated to be $1,342,000. (Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Debit Credit July 31, 2021 Depreciation Expense 42700 Accumulated Depreciation-Machinery 42700 (To record current depreciation.) July 31, 2021 Contribution Expense 1104100 Accumulated Depreciation-Machinery 481900 Gain on Disposal of Machinery 237900 Machinery 1342000 (To record donation of the machine.)
