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A company had a tractor destroyed by fire. The tractor originally cost $140,000 with accumulated...

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Accounting

A company had a tractor destroyed by fire. The tractor originally cost $140,000 with accumulated depreciation of $73,500. The proceeds from the insurance company were $97,500. The company should recognize:

A.) A loss of $66,500.

B.) A gain of $97,500.

C.) A gain of $66,500.

D.) A gain of $31,000.

E.) A loss of $31,000.

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