Question 24 2 pts A company had equipment destroyed by a tornado. The equipment cost $175,000, and accumulated depreciation as of the date of the flood was $85,000. The company received $60,000 cash from an insurance policy. Which of the following are the journal entries to recognize the transaction? . $60,000 Cash Debit: $175,000 Equipment Debit: $85,000 Accumulated Depreciation Debit: $30,000 Loss Debit. $60,000 Cash Debit: $175,000 Equipment Credit: $85,000 Accumulated Depreciation Debit: $30,000 Gain Debit. $60,000 Cash Credit: $175,000 Equipment Debit: $85,000 Accumulated Depreciation Credit: $30,000 Loss Credit. $60,000 Cash Debit:$175,000 Equipment Credit; $85,000 Accumulated Depreciation Debit: $30,000 Loss Debit. None of these answers are correct. Question 25 2 pts is a type of 2 expenditure that the usefulness/efficiency of an asset and increase the useful life. Substitute the numbers with the words that provide the correct statement. 1. An extraordinary repair; 2. balance sheet: 3. increases: 4. does 1. A betterment; 2. balance sheet; 3. increases: 4, does 1. A betterment; 2. balance sheet; 3. increases; 4. does not 1. A betterment; 2. income statement; 3. increases; 4. does not 1. An extraordinary repair; 2. balance sheet: 3. Increases: 4. does not