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The home was insured for its replacement value and homes in

Question - Oscar Olson, single, purchased a residence on February 19, 2012, for $170,000. On September 7th, 2014, a tornado completely destroyed his home. The home was insured for its replacement value, and homes in Oscar's area had appreciated greatly. He received proceeds of $400,000.

How much does Oscar exclude and recognize?

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Accounting Basics: The home was insured for its replacement value and homes in

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