Ahram's Imports had an entire shipping container of oriental rugs seized by the government of Afghanistan in 2011.The insurance company refused to pay the estimated loss of $500,000,since it was caused by an "act of war." The loss will reduce Ahram's income taxes by $70,000.
Required: Show how these amounts would be reported on Ahram's income statement for the year ended December 31,2011.

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The Answer of Ahram's Imports had an entire shipping container of oriental rugs seized by the government of Afghanistan in 2011.The insurance company refused to pay the estimated loss of $500,000,since it was caused by an "act of war." The loss will reduce Ahram's income taxes by $70,000.
Required: Show how these amounts would be reported on Ahram's income statement for the year ended December 31,2011.

Ahram's Imports Had an Entire Shipping Container of Oriental Rugs