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How loss be reported in the financial statements

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Question - Filzen Company has a fiscal year end of December 31, 2018. On January 3, 2019 a fire destroys a factory that belongs to Filzen. The fire is not considered an extraordinary event because Filzen produces gun powder; however, it is considered to have a material effect on the financial position of the company. On February 3, 2019, it is determined that the fire has resulted in a $25,000,000 loss to Filzen. On March 31, 2019, Filzen issues it 2018 financial statements. How will the $25,000,000 loss be reported in the 2018 financial statements?

Reference no: EM132508889

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