Oriole Company incurred the following infrequent losses during 2020: A $277000 write-down of equipment leased to others. A $157000 downward adjustment of receivable accruals on long-term contracts. A $241000 write-off of obsolete inventory. In its 2020 income statement, what amount should Oriole report as total unusual losses?
Oriole Company incurred the following infrequent losses during 2020: A $277000 write-down of equipment leased to others. A $157000 downward adjustment of receivable accruals on long-term contracts. A $241000 write-off of obsolete inventory. In its 2020 income statement, what amount should Oriole report as total unusual losses?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Oriole Company incurred the following infrequent losses during 2020:
A $277000 write-down of equipment leased to others.
A $157000 downward adjustment of receivable accruals on long-term contracts.
A $241000 write-off of obsolete inventory.
In its 2020 income statement, what amount should Oriole report as total unusual losses?
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