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B) Wilson Automotive received an insurance claim of $450,000 for fire damage in its property...

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Accounting

B) Wilson Automotive received an insurance claim of $450,000 for fire damage in its property on July 15. The assets destroyed were two specialized equipment with total book value of $290,000 (original cost of $750,000 and accumulated depreciation of $460,000). Prepare the journal entry that Wilson Automotive should make for the receipt of the insurance claim and record disposition of property.

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