How much total loss report in extraordinary item section


During the year ended December 31, 2014, Schmelya Corporation incurred the following infrequent losses:

  1. A factory was shutdown during a major strike by employees; costs were $120,000.
  2. A loss of $50,000 was incurred on the abandonment of computer equipment used in the business.
  3. A loss of $82,000 was incurred as a result of flood damage to a warehouse.

How much total loss should Schmelya report in the extraordinary item section of its 2014 income statement?

  1. $82,000.
  2. $120,000.
  3. $202,000.
  4. $252,000.

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Finance Basics: How much total loss report in extraordinary item section
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