Juan's Business Delivery Truck Is Destroyed in an Accident

question 88

Multiple Choice

Juan's business delivery truck is destroyed in an accident.He paid $40,000 for the truck,and $30,000 of depreciation has been deducted during its period of use.The insurance company pays Juan $32,000 due to the accident.What is the minimum amount that Juan must spend on a new truck to avoid any gain recognition?

• A)$40,000
• B)$32,000
• C)$10,000
• D)$22,000

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