Intermediate Accounting (16th Edition)

Published by Wiley
ISBN 10: 1118743202
ISBN 13: 978-1-11874-320-1

Chapter 4 - Income Statement and Related Information - Review and Practice - Questions - Page 181: 30

Answer

The damages would be reported in Frazier Corporation’s financial statements under the losses section or other expenses.

Work Step by Step

However, if the damages were unusual in nature, the settlement would have been reported as an unusual item.
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