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Your Company had a bulldozer destroyed by fire. The bulldozer originally cost $695,000 with accumulated depreciation of $475,000. The proceeds from the insurance company were
Your Company had a bulldozer destroyed by fire. The bulldozer originally cost $695,000 with accumulated depreciation of $475,000. The proceeds from the insurance company were $250,000. How much will Your Company recognize on this transaction? O A gain of $220,000 O A loss of $220,000. O A gain of $ 30,000 A loss of $ 30,000
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