Yanik Company's delivery truck, which originally cost ₤56,000, was destroyed by fire.At the time of the fire, the balance of the Accumulated Depreciation account amounted to ₤38,000.The company received ₤32,000 reimbursement from its insurance company.The gain or loss as a result of the fire was

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The Answer of Yanik Company's delivery truck, which originally cost ₤56,000, was destroyed by fire.At the time of the fire, the balance of the Accumulated Depreciation account amounted to ₤38,000.The company received ₤32,000 reimbursement from its insurance company.The gain or loss as a result of the fire was

Yanik Company's Delivery Truck, Which Originally Cost ₤56,000, Was Destroyed