Creek Construction owned a bulldozer which was destroyed by fire. The bulldozer originally cost $38,000. The...
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Creek Construction owned a bulldozer which was destroyed by fire. The bulldozer originally cost $38,000. The accumulated depreciation recorded to the date of loss was $20,000. The proceeds from the insurance company were $20,000. Creek Construction should recognize OA loss of $2,000 OA loss of $38,000 O A gain of $20,000 O An expense of $2,000 O A gain of $2,000 Creek Construction owned a bulldozer which was destroyed by fire. The bulldozer originally cost $38,000. The accumulated depreciation recorded to the date of loss was $20,000. The proceeds from the insurance company were $20,000. Creek Construction should recognize OA loss of $2,000 OA loss of $38,000 O A gain of $20,000 O An expense of $2,000 O A gain of $2,000
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Answer B A loss of 38000 Formula Loss Original Cost Accumulated Depreciation Insura... View the full answer
Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Posted Date:
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