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Restructuring costs were incurred due to the closing of a factory

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Question;1. Restructuring costs were incurred due to the closing of a factory2. Investments were sold, and a loss was recognized3. Gains from foreign currency translation were recognized4. Interest expense was incurred5. A division was sold that qualifies as a separate component of the entity according to GAAP6. Obsolete inventory was written off7. The controller discovered an error in the calculation of 2012's patent amortization expense8.;A volcano destroyed a storage facility on a South Sea island. The event;is considered to be unusual and infrequent in occurrenceRequired:1. For each situation, identify the appropriate reporting treatment from the list below (consider each event to be material)a. As a component of operating incomeb. As a non-operating income item (other income or expense)c. As a separately reported itemd. As an other comprehensive income iteme. As an adjustment to retained earnings2. Identify the situations that would be reported net-of-tax

 

Paper#60581 | Written in 18-Jul-2015

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