Richmond Ltd owes Geelong Ltd an amount of $200,000 as at 30 June 2023, which is the end of Geelong Ltd.'s reporting period. On 27 July 2023 Geelong Ltd receive a letter from liquidators advising of the bankruptcy of Richmond Ltd. The letter indicated that Richmond Ltd ceased trading in June 2023 and Geelong Ltd is likely to receive a pay-out of 25 cents in the dollar. Provide the journal entry that Geelong Ltd would make to account for the above transaction. Ensure narrations are included with each journal entry. In addition, discuss your response if a fire destroyed Geelong Ltd.'s warehouse and stock on 5 July 2023.