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

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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.

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