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Question(s) / Instruction(s):

A company had a bulldozer destroyed by fire. The bulldozer originally cost $125,000 with accumulated depreciation of $60,000. The proceeds from the insurance company were $90,000. The company should recognize:

a)            A loss of $25,000.

b)            A gain of $25,000.

c)            A loss of $65,000.

d)            A gain of $65,000.

e)            A gain of $90,000.

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