Sandy Craze purchased and installed a machine on January 1, 2023, at a total cost of $304,500. Straight-line depreciation was taken ach year for four years, based on the assumption of a seven-year life and no residual value. The machine was disposed of on July 1 , 2027, during its fifth year of service. Candy Craze's year-end is December 31 . Required: Present the entries to record the partial year's depreciation on July 1, 2027. Journal entry worksheet Record partial year depreciation in year of disposal. Notet Enter debits before credits. Record the disposal under each of the following unrelated assumptions: a. The machine was sold for $123,000 cash. Journal entry worksheet Note: Enter debits before credits. . Candy Craze received an insurance settlement of $97,000 resulting from the total destruction of the machine in a fire. Journal entry worksheet Record receipt of $97,000 from insurance settiement. Note: Enter debits before credits