A truck costing $30,000 was destroyed in a flood. At the time of the flood, the accumulated depreciation on the truck was $16,000. An insurance cheque for $37,000 was received based on the replacement cost of the truck. The entry to record the insurance proceeds and the disposition of the truck will include acredit to gain on disposal of $21,000.credit to the Truck account for $16,000.credit to the Accumulated Depreciation account for $16,000.credit to gain on disposal of $23,000.None of the above
