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Question
equipment costing $140,000 was destroyed when it caught on fire. at the date of the fire, the accumulated depreciation on the equipment was $56,000. an insurance check for $160,000 was received based on the replacement cost of the equipment. the entry to record the insurance proceeds and the disposition of the equipment will include a
a.gain on disposal of $20,000
b.credit to the equipment account of $84,000
c.credit to the accumulated depreciation account for $56,000
d.gain on disposal of $76,000
Answer
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