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Equipment costing Bennett Corporation $70,000 was destroyed by fire on January 1, 2019. The equipment,...

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Accounting

Equipment costing Bennett Corporation $70,000 was destroyed by fire on January 1, 2019. The equipment, which had been depreciated through December 31, 2018, had accumulated depreciation of $20,500. The equipment was insured and Bennett expects to receive $30,000 from the insurance to settle the loss claim. Prepare the general journal entry to record the fire loss on January 1, 2019.

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