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A truck costing $ 1 1 4 0 0 0 was destroyed when its engine caught fire. At the date of the fire, the accumulated

A truck costing $114000 was destroyed when its engine caught fire. At the date of the fire, the accumulated
depreciation on the truck was $55000. An insurance check for $129000 was received based on the replacement cost
the truck. The entry to record the insurance proceeds and the disposition of the truck will include a
credit to the Truck account of $59000.
credit to the Accumulated Depreciation account for $55000.
Gain on Disposal of $70000.
Gain on Disposal of $15000.
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