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Quarter Corporation had the following transactions during the quarter ended June 30, 2010:

Loss from tsunami damage (extraordinary) $985,000

Payment of fire insurance premium

for the period April 1, 2010 - March 31, 2011 480,000

What amount should be included in Quarter Corporation's income statement as an extraordinary loss and insurance expense for the quarter ended June 30, 2010?

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M941245

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