Question: Calvin Corporation s office was burglarized The thieves stole 10 laptop
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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