Fleming Company has the following items: write-down of inventories, $240,000; loss on disposal of Sports Division, $370,000; and loss due to an expropriation, $226,000.Ignoring income taxes, what total amount should Fleming Company report as extraordinary losses?
A)$226,000
B)$370,000.
C)$466,000.
D)$596,000.

Question

Quizplus · Accepted Answer

The loss due to an expropriation is considered an extraordinary loss, as it is both unusual and infrequent.

Fleming Company Has the Following Items: Write-Down of Inventories, $240,000;