I need to do Income statement, but I am not sure in what section I need to report the following:
The exercise is about a company that have retail stores everywhere in the country. 22 stores were strike by an earthquake. They are located at California. California experience more than 100 small earthquakes a year. This earthquake was one of the strongest in many years. 12 of the stores were close for a long time and many of the loses were not cover by the insurance. My questions are?
Is this an event to be consider an extraordinary event? If not, then it is restructuring cost that needs to be reported in the continuing operation section of the Income. I am confused seems restructuring costs are planned and control by management, seems this was something that suddenly happened, how can I do to report this losses and where section of the income I need to posted? I have more questions
Thank you