Question
A company had a tractor destroyed by fire. The tractor originally cost $129,000 with accumulated depreciation of $63,600. The proceeds from the insurance company were
A company had a tractor destroyed by fire. The tractor originally cost $129,000 with accumulated depreciation of $63,600. The proceeds from the insurance company were $24,000. The company should recognize:
Multiple Choice
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A loss of $41,400.
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A gain of $65,400.
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A loss of $65,400.
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A gain of $24,000.
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A gain of $41,400.
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Financial Accounting Reporting And Analysis
Authors: Earl K. Stice, James D. Stice
7th Edition
0324227329, 978-0324227321
