Question: could someone assist me with this question A fire destroyed Prancer's business-use truck on February 2, 2021. He paid $45,000 for the truck in 2018

could someone assist me with this question A fire destroyed Prancer's

could someone assist me with this question business-use truck on February 2, 2021. He paid $45,000 for the truck

A fire destroyed Prancer's business-use truck on February 2, 2021. He paid $45,000 for the truck in 2018 and had $20,000 of accumulated depreciation on the truck. The insurance company paid Prancer $40,000 on March 1,2021. A replacement truck was purchased on May 1, 2022 for $35,000. What is the basis of the new truck? a. $0 b. $25,000 c. $35,000 d. $40.000 45,05

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