Exercise 10-24 On December 31, 2017, Culver Inc. has a machine with a book value of $1 Machine Less: Book value ,259,600. The original cost and related accumulated depreciation at this date are as follows $1,742,000 482,400 1,259,600 Depreciation is computed at $80,400 per year on a straight-line basis. Presented below is a set of independent situations. For i 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. completely destroys the machine on August 31, 2018. An insurance settlement of $576,200 was received for this casualty. Assume the settlement was received immediately. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no e amounts.) ntry is required, select "No Entry" for the account title, and enter O for the Date Account Tities and Explanation Debit Credit August 31, 2018 (To record current depreciation.) August 31, 2018