Business, 13.04.2021 01:00, jaylanmahone223
Reporting Restructuring Charges Jogo reported restructuring charges of $67 million in its 2016 income statement. The following additional details were disclosed in its footnotes: Restructuring charges included the following 2016 Asset impairment-planned closure of 4 plants $43 Employee severance and related costs 14 Contract termination and other exit costs 10 Total $67 Jogo's contract termination costs include, for example, the cost to buy out the remaining years on lease agreements, or penalties paid for canceling purchase contracts. Assume that none of these costs had yet been paid in cash in 2016. Record these restructuring charges in journal entry form.
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