On december 31, 2020, waterway inc. has a machine with a book value of $1,165,600. the original cost and related accumulated depreciation at this date are as follows. machine $1,612,000 less: accumulated depreciation 446,400 book value $1,165,600 depreciation is computed at $74,400 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 fire completely destroys the machine on august 31, 2021. an insurance settlement of $533,200 was received for this casualty. assume the settlement was received immediately