Question: A company had a tractor destroyed by a fire. The tractor originally cost $140,000 with accumulated depreciation of $73,500. The insurance company's income was $97,500.

A company had a tractor destroyed by a fire. The tractor originally cost $140,000 with accumulated depreciation of $73,500. The insurance company's income was $97,500.

What amount of profit or loss the company must recognize?

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