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Question(s) / Instruction(s):

A company had a bulldozer destroyed by fire. The bulldozer originally cost $129,000 with accumulated depreciation of $65,000. The proceeds from the insurance company were $97,000. The company should recognize:

a)            A loss of $33,000

b)            A gain of $64,000

c)            A loss of $64,000

d)            A gain of $97,000

e)            A gain of $33,000

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