Earnings per share:
a. required disclosure for publicly traded corporations
b. component of the entity has been sold or will be sold
c. costs generally associated with downsizing
d. reports a series of intermediate subtotals
e. accounted for prospectively
f. tangentially related to normal operations
g. accounted for retrospectively by revising prior years' statements
h. other comprehensive income
i. total non-owner change in equity
j. ability of reported income to predict future earnings
Ans: a. required disclosure for publicly traded corporations
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In 2017, Yumster Company determined that a production machine used in its operations was impaired and an impairment loss of $110,000 was recognized. In 2017, the fair value of the asset increased by $170,000 due to an unexpected resurgence in demand for the products the machine was designed to produce. How would the gain due to increase in fair value be recognized in 2017?
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