A tornado damage a crane and a dump truck at one of its, Ask an Expert

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A tornado damage a crane and a dump truck at one of its construction sites. The crane was acquired 2009 for $120,000. and has an adjusted basis of $39,650. The dump truck was acquired in 2007 for $70,000. and has basis of $39,650. The dump truck was acquired basis of $33,880. The insurance company reimburses Harlow $35,000. for the crane and $42,000. for the dump truck. The company decides not to replace the dump truck and uses the insurance proceeds to purchase a new crane for $110,000.0.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9946667

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