Question: A truck costing $32,000 was destroyed when its engine caught fire. At the date of the fire, the accumulated depreciation on the truck was $16,000.

A truck costing $32,000 was destroyed when its engine caught fire. At the date of the fire, the accumulated depreciation on the truck was $16,000. An insurance cheque for $22,000 was received based on the replacement cost of the truck What are the journal entries required, if no entry is required write "no entry" Dr. Cr. Dr. Cr

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