Question: I need help interpreting the following word problem. It is because I need to make the correct adjusting journal entry in a general journal. On

I need help interpreting the following word problem. It is because I need to make the correct adjusting journal entry in a general journal.

On 12/03/2017, a mixer with a cost of $2,000, accumulated depreciation $1,200, was destroyed by a forklift. As of 12/23/17, insurance company has agreed to pay $700 in January, 2018, for accidental destruction.

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