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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?

 

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

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