Corporation X realized a material gain when its facilities at a designated floodway were acquired by the

Question:

X realized a material gain when its facilities at a designated floodway were acquired by the urban renewal agency. How should the gain be reported in the income statement?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...