Indicate Whether the Following Items Would Be Reported as an Ordinary

question 50

Essay

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

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