Hello, I need help answering these 7 questions. Thank you kindly for your time and your generous help.

1) A company had a tractor destroyed by fire. The tractor originally cost $145,000 with accumulated depreciation of $78,000. The proceeds from the insurance company were $100,000. The company should recognize:

A gain of $33,000.

A gain of $67,000.

A gain of $100,000.

A loss of $67,000.

A loss of $33,000.

2)

Revenue expenditures are additional costs of plant assets that do not materially increase the assets' life or productive capabilities.

True

False

3) Capital expenditures are expenditures that keep assets in normal, good operating condition.

True

False

4) Extraordinary repairs are expenditures extending the asset's useful life beyond its original estimate, and are capital expenditures because they benefit future periods.

True

False

5) Revenue expenditures are also called balance sheet expenditures.

True

False

6) Betterments are a type of capital expenditure.

True

False

7) Revenue expenditures:

Are additional costs of plant assets that do not materially increase the asset's life or its productive capabilities.

Are known as balance sheet expenditures because they relate to plant assets.

Extend the asset's useful life.

Substantially benefit future periods.

Are debited to asset accounts when incurred.