Answer
The event should be recorded as an extraordinary loss.
Work Step by Step
The loss is extraordinary since such events are infrequent within the area.
Intermediate Accounting 14th Edition
by Kieso, Donald E.; Weygandt, Jerry J.; Warfield, Terry D.
Published by
Wiley
ISBN 10:
0470587237
ISBN 13:
978-0-47058-723-2
Chapter 4 - Income Statement and Related Information - Questions - Page 187: 16b
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