(Classifying transactions and economic events, LO 1) Explain whether you would classify each of the following transactions and economic events as extraordinary, unusual, or ordinary.

a. An entity’s property is destroyed in a terrorist attack.

b. A manufacturer sells its old equipment so that it can purchase new equipment.

c. A business settles a large lawsuit by paying $1,000,000.

d. A chain of restaurants closes five of its poorly performing locations.

e. An earthquake destroys a factory of a large company.