Swifty Company's delivery truck, which originally cost $83100, was destroyed by fire. At the time of the fire, the balance of the Accumulated Depreciation account amounted to $57200. The company received $47300 reimbursement from its insurance company. The gain or loss as a result of the fire was     $21400 gain.   $35800 loss.   $35800 gain.   $21400 loss.

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Q: 2) $10,000 ordinary gain and $20,000 itemized deduction.

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Q: 1. List five events that would likely qualify as a casualty:

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

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A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…

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