A company had a tractor destroyed by fire. The tractor originally cost $136,000 with accumulated depreciation of $69,900. The proceeds from the insurance company were $31,000. The company should recognize:
A. A gain of $31,000.
B. A loss of $66,100.
C. A loss of $35,100.
D. A gain of $66,100.
E. A gain of $35,100.
Answer: C
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