A company had a tractor destroyed by fire. The tractor originally cost $128,000 with accumulated depreciation...
A company had a tractor destroyed by fire. The tractor originally cost $128,000 with accumulated depreciation of $62,700. The proceeds from the insurance company were $23,000. The company should recognize:
Homework Answers
The company should recognize a loss of $42,300.
| Cost of tractor | $128,000 |
| Accumulated depreciation | ($62,700) |
| Book value | $65,300 |
| Cash received | $23,000 |
| Loss | $42,300 |
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