Bonita Corporation's plant was destroyed by a tornado. The plant had a cost of $600000 and accumulated depreciation of $174000 at the time of the loss. The plant will not be rebuilt. They received $542000 from their insurance company. What amount of the gain or loss will be recorded? 426000 loss on disposal of asset 116000 loss on disposal of asset 542000 gain from insurance proceeds 116000 gain on disposal of asset