Amachine costing $176,000 was destroyed when it caught fire. At the date of the fire, the accumulated depreciation on the machine was $80,000. An insurance check for $200,000 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. gain on disposal of $24,000. b. credit to the Equipment account for $120,000 c. credit to the Accumulated Depreciation account for $80,000. d. gain on disposal of $104,000. 86