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What the contingency should be reported

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Reference no: EM132569688

Question 1: ABC Company, operates a plant in a foreign country, it is probable that the plant will be expropriated. However, the foreign government has indicated that ABC will receive a definite amount of compensation for the plant. The amount of compensation is less than the fair market value but exceeds the carrying amount of the plant. The contingency should be reported

Select one:

a. In the income statement

b. As a valuation allowance as part of stockholders' equity

c. As a fixed asset valuation allowance account

d. In notes to financial statements

Reference no: EM132569688

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