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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 $3,200,000 and had accumulated depreciation of $800,000 as of the date of the hurricane. Based on a restoration cost analysis, city engineers estimate the impairment loss at $350,000; however, the city expects during the next fiscal year to receive insurance recoveries of $180,000 for the damage. Required a. Should the estimated impairment loss be reported as an extraordinary item? As a special item? A special item An extraordinary item Ordinary expense, disclosed in the notes to the financial statements b. Record the estimated impairment loss in the journal for governmental activities at the government-wide level.
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