Equipment costing Bennett Corporation $120,000 was destroyed by a tornado on January 1, 2021. The...
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Equipment costing Bennett Corporation $120,000 was destroyed by a tornado on January 1, 2021. The equipment, which had been depreciated through December 31,2020 , had accumulated depreciation of $92,000. The equipment was insured and Bennett expects to receive $30,000 from the insurance to settle the loss claim. Prepare the general journal entry to record the fire loss on January 1, 2021
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