What would the JE for loss of equiptment due to fire? Equiptment cost: $120,000,
Accumulated Depreacation: $90,000, and an insurance payment of $22,500 for destroyed equiptment.

1) CREDIT Equipment Account ****$90,000
2) DEBIT Accumulated depreciation **$ 90,000
3) CREDIT Equipment Account ****$30,000
4) DEBIT Bank Account **********$22,000
5) DEBIT Loss on Equipment Account $ 7,500

Being loss of equiptment due to fire.