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Consider the Following
Accumulated Depreciation-75,000(till the fire happens)
Claim received from insurance-65000

On this basis,

we will come to know that the net book value of the machinery...

Work week days is 5 days
Weekly payroll- 7000 $
End day -Friday

Three days we need to be accrued

=7000/5*3=4200 $

Journal entry to pass on 31 December is

The retained earnings became negative because you had incurred the loss for that period or earlier. So inorder to overcome this in the next period what you need to do you is that you need to...