In its income statement for the year what amount should, Ask an Expert

Accounting

Strand, Inc. incurred the following infrequent losses during the year just ended:

A $90,000 prepare-down of equipment leased to others
A $50,000 adjustment of accruals on long-term contracts
A $75,000 prepare-off of obsolete inventory

In its income statement for the year, what amount should Strand report as total infrequent losses that are not considered extraordinary?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M975868

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