Question

Calvin Corporation’s office was burglarized. The thieves stole 10 laptop computers and other electronic equipment. The lost assets had an original cost of $35,000 and accumulated tax depreciation of $19,400. Calvin received an insurance reimbursement of $10,000 related to the theft loss. Determine the amount and character of gain or loss recognized as a result of this theft.


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  • CreatedNovember 03, 2015
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