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    Reportable amount for uninsured flood damage

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    On February 25, 2012, a flood destroyed one of the company's manufacturing plants causing $600,000 of uninsured damage.

    Determine the appropriate treatment of each of these events in the 2011 financial statements of Northwest Distribution Corporation.

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    Solution Preview

    A flood is not "unusual" as floods happen as a routine function of natural ...

    Solution Summary

    The rule is given and explained along with the amount to report and what it is called in the financial reports.