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Extraordinary items . Your companys headquarters located in New York was severely damaged by a hurricane and the company has a loss of $20 million.

  1. Extraordinary items. Your companys headquarters located in New York was severely damaged by a hurricane and the company has a loss of $20 million. Discuss the FASB criteria for classifying something as extraordinary. What disclosures are required? Take a position on whether this incident is an extraordinary item. List any assumptions you made to arrive at your conclusion.

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