Identify which financial statement elements apply to each item described below. The first one is done as an example

Identify which financial statement elements apply to each item described below. The first one is done as an example. tem cash dividend is declared nd paid to shareholders. ash is used to purchase a achine that will be used in he production process over he next five years. ncome taxes are calculated ased on a company's profit. he taxes will be paid next ear. shareholder invests money n a business in exchange for ssued shares. n insurance settlement is ceived for a fully epreciated asset that was estroyed in a fire. n allowance for doubtful ccounts is established based n estimates of future ncollectible accounts. inancial Statement Element inancial Statement Element r Account to be Debited or Account to be Credited quity urrent Assets