Selected financial information about income statement accounts for the Snowman Company is presented below for the year ended December 31, 2014.

Sales………………………………………………….$6,200,000

Cost of Goods Sold…………………………….$3,500,000

Administrative & Selling Expenses….....$1,500,000

Several events occurred in 2014 that have not yet been reflected in the above accounts:

A landslide caused $75,000 in uninsured damages to a warehouse. The landslide was considered to be an infrequent event but not unusual.

Interest revenue in the amount of $100,000 was earned.

Snowman sold some property in Alaska that it had been holding for 20 years. The sale resulted in a $2 million gain. The company has no other investments in land and the transaction was considered to be both unusual and infrequent.

The company incurred restructuring costs of $250,000

Interest expense on debt totaled $150,000.

Equipment was sold for a loss of $40,000.

For each item (1 – 6) listed above, describe the appropriate accounting treatment. For each item determine whether the entry is a part of discontinued operations, extraordinary item, unusual gain/loss, accounting change, or accounting error. Additionally, identify whether the event is a part of core operations item or non-operating item.

If these events had occurred in 2016 instead of 2014, which, if any would have different accounting treatment and why?