Equipment was sold at a loss. Required: For each event, (1) identify the appropriate reporting treatment from

Question:

Equipment was sold at a loss.

Required:

For each event, (1) identify the appropriate reporting treatment from the following list (consider each event to be material), and (2) indicate whether it would be included in income from continuing operations, would appear on the income statement below that subtotal, or would require retrospective application.

a. Change in accounting estimate.

b. Change in accounting principle.

c. Discontinued operation.

d. Special or unusual item.

e. Extraordinary item.

LO.1

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