Assume that the amount of each of the following items is material to the financial statements. Classify

Question:

Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or extraordinary (E).
(a) Loss on the disposal of equipment considered to be obsolete because of the development of new technology.
(b) Uncollectible accounts expense.
(c) Gain on sale of land condemned by the local government for a public works project.
(d) Interest revenue on notes receivable.
(e) Uninsured loss on building due to hurricane damage. The building was purchased by the company in 1910 and had not previously incurred hurricane damage.
(f) Loss on sale of investments in and bonds.
(g) Uninsured flood loss. (Flood insurance is unavailable because of periodic flooding in the area.)

Stocks
Stocks or shares are generally equity instruments that provide the largest source of raising funds in any public or private listed company's. The instruments are issued on a stock exchange from where a large number of general public who are willing...