Question: need help ty A machine costing $171000 was destroyed when it caught fire. At the date of the fire, the accumulated depreciation on the machine
A machine costing $171000 was destroyed when it caught fire. At the date of the fire, the accumulated depreciation on the machine was $78500. An insurance check for $205000 was recelved based on the replacement cost of the machine. The entry to record the insurance proceeds and thedisposition of the machine will include a gain on disposal of $34000, gin on disposal of $112500. credit to the Accumulated Depreciation account for $78500. credit to the Equipment account for $126500
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