Question: A machine costing $175000 was destroyed when it caught fire. At the date of the fire, the accumulated depreciation on the machine was $77500. An

A machine costing $175000 was destroyed when it caught fire. At the date of the fire, the accumulated depreciation on the machine was $77500. An insurance check for $219300 was received based on the replacement cost of the machine. The entry to record the insurance proceeds and the disposition of the machine will include a A machine costing $175000 was destroyed when it caught fire. At the

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