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On December 31,2025, Skysong Inc, has a machine with a book value of $1,052,800. The original cost and related accumulated depreciation at this date are as follows. Depreciation is computed at $67,200 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. (a) A fire completely destroys the machine on August 31, 2026. An insurance settlement of $481,600 was received for this casualty. Assume the settlement was received immediately. (Credit account titles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter of for the amounts. List all debit entries before credit entries.) A fire completely destroys the machine on August 31, 2026. An insurance settlement of $481,600 was received for this casualty. Assume the settlement was received immediately. (Credit account titles are outomatically indented when omount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter ofor the amounts. List all debit entries before credit entries.)

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