Question
A company had a tractor destroyed by fire. The tractor originally cost $140,000 with accumulated depreciation of $73,500. The proceeds from the insurance company were
| A company had a tractor destroyed by fire. The tractor originally cost $140,000 with accumulated depreciation of $73,500. The proceeds from the insurance company were $97,500. The company should recognize: |
A.) A loss of $66,500.
B.) A gain of $97,500.
C.) A gain of $66,500.
D.) A gain of $31,000.
E.) A loss of $31,000.
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Principles Of Financial Accounting
Authors: Jerry J. Weygandt, Lorena Mitrione, Michaela Rankin, Keryn Chalmers, Paul D. Kimmel
3rd Edition
0730302296, 978-0730302292
