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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 $92,000. The company should recognize: |
A loss of $26,600.
A gain of $26,600.
A gain of $65,400.
A gain of $92,000.
A loss of $65,400.
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