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What amount of loss should dike report as extraordinary

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Reference no: EM132550201

Question - Dike Corporation incurred the following losses during 2012:

Loss of $480,000 was incurred in the abandonment of equipment

Accounts receivable of $96,000 were written off as uncollectible

Several factories were shut down during a strike at a cost of $768,000

Loss of $320,000 was sustained as a result of flood damage, an unusual and infrequent occurrence

Ignoring income taxes, what amount of loss should Dike report as extraordinary on its annual income statement?

a. $320,000

b. $1,664,000

c. $480,000

d. $864,000

Reference no: EM132550201

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