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 $2,800,000 and had accumulated depreciation of $700,000 as of the date of the hurricane. based on a restoration cost analysis, city engineers estimate the impairment loss at $310,000; however, the city expects during the next fiscal year to receive insurance recoveries of $160,000 for the damage. required: a. should the estimated impairment loss be reported as an extraordinary item? as a special item? o a special item o an extraordinary item o ordinary expense, disclosed in the notes to the financial staatements