A company had a tractor destroyed by fire. The tractor originally cost $85,000 with accumulated depreciation of $60,000. The proceeds from the insurance company were $20,000. The company should recognize:
A. A loss of $20,000.
B. A gain of $65,000.
C. A gain of $5,000.
D. A gain of $20,000.
E. A loss of $5,000.
Answer: E
You might also like to view...
Dividends are a determinant of net income
a. True b. False Indicate whether the statement is true or false
The paramount basis of competitive advantage in high-technology industries is:
a. promotion b. price c. location d. intellectual property e. facilities
The social media manager’s role encompasses which of the following? a. Overseeing social media strategy.
a. Overseeing social media strategy. b. Managing social media strategy. c. Championing social media strategy internally. d. A & B Only. e. All of these.
When the unsuccessful party challenges the verdict and the judge in a jury trial decides that the evidence is so clear that reasonable people could not differ as to the outcome of the case, the judge grants a:
A) judgment on the verdict. B) motion for judgment notwithstanding the verdict. C) directed verdict. D) motion for a new trial.