Company had tractor destroyed by fire

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Reference no: EM131599906

A company had a tractor destroyed by fire. The tractor originally cost $129,000 with accumulated depreciation of $63,600. The proceeds from the insurance company were $92,000. The company should recognize:

A loss of $26,600.

A gain of $26,600.

A gain of $65,400.

A gain of $92,000.

A loss of $65,400.

Reference no: EM131599906

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