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What is the gain or loss desert would record

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Reference no: EM133169032

Question - On January 1st, 2015, Desert Company purchased a machine for $250,000. Depreciation has been recorded using the straight-line basis, $50,000 salvage, 20 year useful life. On July 1st, 2021, a monsoon floods the manufacturing plant, completely destroying the machine. An insurance settlement of $180,390 was received immediately for the casualty. What is the gain or loss Desert would record for the involuntary conversion of this machine?

Reference no: EM133169032

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