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Question
a truck costing $110,000 was destroyed when its engine caught fire. at the date of the fire, the accumulated depreciation on the truck was $50,000. an insurance check for $125,000 was received based on the replacement cost of the truck. the entry to record the insurance proceeds and the disposition of the truck will include a
a.gain on disposal of $15,000
b.credit to the truck account for $60,000
c.credit to the accumulated depreciation account for $50,000
d.gain on disposal of $65,000
Answer
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