Question
A company had a tractor destroyed by fire. The tractor originally cost $131,000 with accumulated depreciation of $65,400. The proceeds from the insurance company were
A company had a tractor destroyed by fire. The tractor originally cost $131,000 with accumulated depreciation of $65,400. The proceeds from the insurance company were $26,000. The company should recognize:
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A gain of $65,600.
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A loss of $39,600.
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A gain of $26,000.
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A loss of $65,600.
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A gain of $39,600.
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Cost Accounting
Authors: Jawahar Lal, Seema Srivastav
6th Edition
9353168384, 978-9353168384
