In December 20X6, snowed collapsed the roof on Nordacs building. Snow storms have regularly caused similar damage to businesses in Nordacs area. Nordacs insurance covered 80% of the damage and Nordac was left with uncovered costs of $600,000. Nordac estimated an additional $75,000 in costs would be incurred in January X7 to repair the facility. How should the snow damage cost be reported in Nordacs X6 financial statements under U.S. GAAP

• A.

  Report the expected snow damage loss in continuing operations, with no separate disclosure

• B.

  Report the actual snow damage loss in continuing operations, with separate disclosure

• C.

  Report the actual snow damage loss in continuing operations, with no separate disclosure

• D.

  Report the expected snow damage loss in continuing operations, with separate disclosure