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Question
Indicate whether the following items would be reported as an ordinary or an extraordinary item in Bentley Corporation's income statement.
(a) Loss attributable to labor strike.
(b) Gain on sale of fixed assets.
(c) Loss from fire. Bentley is a chemical company.
(d) Loss from sale of marketable securities.
(e) Expropriation of property by a foreign government.
(f) Loss from tornado damage. Bentley Corporation is located in the Midwest's tornado alley.
(g) Loss from government condemnation of property through newly enacted law.
Answer
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