Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a truck costing $110,000 was destroyed when its en

A truck costing $110,000 was destroyed when its engine caught fire. At the date of...

70.2K

Verified Solution

Question

Accounting

A truck costing $110,000 was destroyed when its engine caught fire. At the date of the fire, the accumulated depreciation on the truck was $50,000. An insurance check for $125,000 was received based on the replacement cost of the truck. The entry to record the insurance proceeds and the disposition of the truck will include a credit to:

  1. Gain on Disposal of $15,000.
  2. Truck of $60,000.
  3. Accumulated Depreciation of $50,000.
  4. Gain on Disposal of $65,000.

Group of answer choices

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A tourist being chased by an angry bear is running in a straight line toward his...

Physics
Q

5 Explain why an astronaut orbiting the earth feels weightless

Physics
Q

CClever Portal Classes DIRECTIONS Use this information to answer Parts A The triangles show the...

Geometry
Q

1 Assuming counterclockwise rotations where would the following land Aelavkea 1 216 degree rotation of...

Geometry
Q

8214 O 8142 Question 4 0 5 points Listen Use Newton s method to det...

Calculus
Q

For the function y f x 4x 6 3 a Find df dx f 8...

Calculus
Q

Nash's Trading Post, LLC uses the allowance method for estimating uncollectible accounts. Prepare journal...

Accounting
Q

At the end of the fiscal year Zeta Tube performs an analysis comparing current year...

Accounting
Q

Lucido Products markets two computer games: Claimjumper and Makeover. A contribution format income statement for...

Accounting
Q

A. Set up for requirement A B. Prepare all of the following: income statement, statement...

Accounting
Q

El 1 de enero de 2016, Grover Inc. comenz el ao con un saldo acreedor...

Accounting
Q

is health care a social good or market good?

Finance