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On December 31, 20X4, a building owned by Pine Corp. was totally destroyed by fire. The building had fire insurance coverage up to $500,000. Other pertinent information as of December 31, 20X4, follows: Building, carrying amount $520,000 Building, fair market value 550,000 Removal and cleanup cost 10,000 During January 20X5, before the 20X4 financial statements were issued, Pine received insurance proceeds of $500,000. On what amount should Pine base the determination of its loss on involuntary conversion
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On December 31, 20X4, a building owned by Pine Corp. was totally destroyed by fire. The building had...
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