Record a refund from insurance company for damaged equipment.

Hello everyone,

Hope all doing well. I just figured it out this group and saw how much useful information it provides to sage users. I'm a last year student in accounting and currently working for a construction company in Ontario as well. Since there are many more situations happened beyond what the scenarios the school has been giving so far for practice, i'm looking for some help with questions occurred at work after i found out that the professors are not very responsive during this COVID time, so hope that someone in this forum can help me out with that. So a little bit background of the company, it's a commercial roofing company in which gravel vacuum is one of its asset. There was an accident that made the vacuum damaged. The insurance sent their people to inspect and then later issue the cheque to us. Total amount is 80,000 with 60,000 is for the damages/cost of replacing new vacuum and 20,000 is for the cost of renting a vacuum until the new one come - i was off from work when that event happened so this is what i was told from my office manager as well as information i found so far about it. The cheque just came in few weeks ago. So i'm having a drafted entry in my mind to record that cheque

DR: Chequing account: 80,000

CR: Vacuum (asset account): 60,000

       Rental expense: 20,000

This might be something not hard to most of everyone but as i'm a junior just entering the work field, i'm trying to leverage myself through work and looking for answer for question that im not sure about my solution and if it might affect to something in asset account later.

Hope someone from the forum can give me some advices about this. 

Thanks everyone so much and take care!