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On 1 October 2011 an investment property owned by Acebook Ltd was destroyed in a fire. The indexed cost of the property on that date was £138,400. Acebook Ltd received insurance proceeds of £189,000 on 20 October 2011, and on 31 October 2011 the company paid £172,400 for a replacement investment property. Acebook Ltd has made a claim to defer the gain arising from the receipt of the insurance proceeds.
Could someone please explain the answer of this..i din’t get the insurance proceeds part .
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