On January 15, 2017, before the December 31,2016 balance sheet was issued, a building with a cost of $20,000 and a book value of $7,000 was totally destroyed. Insurance proceeds will amount to only $5,000. Does this go on the balance sheet for Dec 31,2016 and if so where?
On January 15, 2017, before the December 31,2016 balance sheet was issued, a building with a cost of $20,000 and a book value of $7,000 was totally destroyed. Insurance proceeds will amount to only $5,000. Does this go on the balance sheet for Dec 31,2016 and if so where?
Chapter9: Acquisitions Of Property
Section: Chapter Questions
Problem 72IIP
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On January 15, 2017, before the December 31,2016
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