The following items would be reported as an extraordinary item on Denison Corporation's income statement: 1. Effects of major natural casualties, if rare in the area. 2. Expropriation (takeover) of property by a foreign government. 3. Effects of a newly enacted law or regulation, such as a condemnation action.
Work Step by Step
(a) Loss from damages caused by a volcano eruption. (g) Loss from a foreign government's expropriation of a product facility. (d) Loss caused when the Food and Drug Administration prohibited the manufacture and sale of a product line.