Presented below is a schedule of property dispositions for Frank Thomas Co.

The following additional information is available.
Land
On February 15, a condemnation award was received as consideration for unimproved land held primarily as an investment, and on March 31, another parcel of unimproved land to be held as an investment was purchased at a cost of $35,000.
Building
On April 2, land and building were purchased at a total cost of $75,000, of which 20% was allocated to the building on the corporate books. The real estate was acquired with the intention of demolishing the building, and this was accomplished during the month of November. Cash proceeds received in November represent the net proceeds from demolition of the building.
Warehouse
On June 30, the warehouse was destroyed by fire. The warehouse was purchased January 2, 1995, and had depreciated $11,000. On December 27, the insurance proceeds and other funds were used to purchase a replacement warehouse at a cost of $90,000.
Furniture
On August 15, furniture was contributed to a qualified charitable organization. No other contributions were made or pledged during the year.
Automobile
On November 3, the automobile was sold to Ozzie Guillen, a stockholder.

Instructions
Indicate how these items would be reported on the income statement of Frank ThomasCo.

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Schedule of Property Dispositions Accumulated Depreciation Cash Fair Market Value $31,000 Nature of Cost $40,000 15,000 Warehouse 70,000 10,000 8,000 Disposition Condemnation Demolition Destruction by fire Contribution Sale Land Building $31,000 3,600 74,000 Furniture Automobile $11,000 7,850 3,460 74,000 3,100 2,960 2,960