18 asap

In the current year, the building occupied by Sunshine City's Culture and Recreation Department suffered severe structural damage as a result of a hurricane. It had been 48 years since a hurricane had hit the Sunshine City area, although hurricanes in Sunshine City's geographic area are not uncommon. The building had been purchased 10 years earlier at a cost of $3,800,000 and had accumulated depreciation of $950,000 as of the date of the hurricane. Based on a restoration cost analysis, city engineers estimate the impairment foss at $410,000, however the city expects during the next fiscal year to receive insurance recoverles of $210,000 for the damage Required & Should the estimated impairment loss be reported as an extraordinary item? As a special item? A special item An extraordinary item Ordinary expense, disclosed in the notes to the financial statements . Record the estimated impairment loss in the journal for governmental activities at the government-wide level. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) General Journal Debit Credit Governmental Transaction Activies 1. Record the estimated impairment loss Governmental Activities