Multiple Choice
A company had a tractor destroyed by fire. The tractor originally cost $85,000 with accumulated depreciation of $60,000. The proceeds from the insurance company were $20,000. The company should recognize:
A) A gain of $20,000.
B) A loss of $5,000.
C) A gain of $65,000.
D) A gain of $5,000.
E) A loss of $20,000.
Correct Answer:
Verified
Correct Answer:
Verified
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