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Which of the transactions should be recorded

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Problem 1: SINA Company furnace, which has a current book value of $45000 (Original Cost less accumulated depreciation), has been destroyed. If the insurance company pays Bravo$50000 which of the following transactions should be recorded?

A-Debit Cash $50000; Credit Equipment/ Furnace $50000.

B- Debit Cash $45000; debit Equipment/ Furnace $45000.

C-Credit Gain on Disposition of Equipment/ Furnace $50000; Debit cash $50000.

D-debit Equipment/ Furnace $5000; Credit Equipment/ Furnace $45000; debit Cash $50000.

E-Credit Gain on Disposition of Equipment/ Furnace $5000; Credit Equipment/ Furnace $45000; Debit Cash $50000.

Reference no: EM132698818

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