Accounting Problem. Machinery Destroyed and obligatory book entries.?

A company had a bulldozer destroyed by fire. The bulldozer originally cost 125,000. The accumulated depreciation on it be 60,000. The proceeds from the insurance company were 90,000. Record the entry for the company when the bulldozer is completely removed from the books.
Answers:
Cash 90,000 debit
Accumulated Depr. 65000 credit
gain on disposal 25000 credit
Dr 60000 accumulated depreciation
Dr 90000 lolly
cr 125000 buildozer
cr 25000 capital Gains
Your network book value is $125k - $60k = $65k. You rec'd $90k for it, so your gain is $25k.
Dr Cash $90,000
Dr Accum. depn. $60,000
Cr Bulldozer $125,000
Cr Gain on disposal $25,000

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