Question
A company had a tractor destroyed by fire. The tractor originally cost $143,000 with accumulated depreciation of $76,200. The proceeds from the insurance company were
A company had a tractor destroyed by fire. The tractor originally cost $143,000 with accumulated depreciation of $76,200. The proceeds from the insurance company were $38,000. The company should recognize:
Multiple Choice
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A loss of $66,800.
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A gain of $28,800.
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A loss of $28,800.
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A gain of $66,800.
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A gain of $38,000.
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Managerial Accounting Creating Value In A Dynamic Business Environment
Authors: Ronald W Hilton
6th Edition
0071113142, 978-0071113144
