Essay
On April 30, 2013, a fire destroyed a machine that cost $24,000 when acquired on January 1, 2011. The machine has an estimated 4-year useful life and no residual value. Straight-line amortization on the machine has been recognized through December 31, 2011. Give the entries at date of the fire to record the fire loss, assuming the insurance company paid $9,000 cash on the claim.
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