Rayya Co. purchases and installs a machine on January 1, 2018, at a total cost of $117600. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is disposed of on July 1, 2022, during its fifth year of service Prepare entries to record the partial year's depreciation on July 1, 2022, and to record the disposal under the following separate assumptions: (1) The machine is sold for $50,400 cash. (2) An insurance settlement of $40,320 is received due to the machine's total destruction in a fire View transaction list View journal entry worksheet X: Debit Credit 8,400 1 Record the depreciation expense as of July 1, 2022 2 Record the sale of the machinery for $50,400 cash. 3 Record the insurance settlement received of $40,320 due to the machine's total destruction in a fire