Rayya Co. purchases and installs a machine on January 1, 2017, at a total cost of $176,400. Straight-line depreciation is taken each year service Prepare entries destruction in a fire. forfocur years assuming a eight-year lfe and no salvage value. The machine is disposed of on July 1. 2021, during ts fth year of to record the partial year's depreciation on July 1, 2021, and to record the disposal under the following separate ine is sold for $88.200 cash. (2) An insurance settlement of $74,088 is received due to the machine's total View transaction list View journal entry worksheet No Date General Journal Debit Credit 1July 01, 2021 Depreciation expense 176,400 Accumulated depreciation- Machinery 176,400 2 July 01, 2021 Cash 88,200 110,000 Accumulated depreciation-Machinery Gain on sale of machinery Machinery 66.400 176,400 3 July 01, 2021 Cash 77,088 77,088 Loss from fire Accumulated depreciation-Machinery Machinery 74.088 4,088