On December 31, 2017. Crane Inc. has a machine with a book value of $260.000. The original cost and related accumulated depreciation at this date are as follows. Machine Accumulated depreciation Book value $974,000 714,000 $260,000 Depreciation is computed at $71,400 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 hurricane completely destroys the machine on October 31, 2018. An insurance settlement of $468,000 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 entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Debit Credit October 31, 2018 Account Tities and Explanation Depreciation Expense Accumulated Depreciation Machinery (To record current depreciation) Cash Accumulated Depreciation Machinery October 31, 2018 Loss on Disposal of Machinery Machinery (To record loss of the machine