Equipment costing Brown Corporation $100,000 was destroyed by a tornado on January 1, 2020. The equipment, which had been depreciated through December 31, 2019, had accumulated depreciation of $45,000. The equipment was insured and Brown Corporation expects to receive $25,000 from the insurance to settle the loss claim. Prepare the general journal entry to record the tornado loss on January 1, 2020. 2 A BIU Debit Credit Date Account & Explanation