Response to the following problem:
Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or extraordinary (E).
a. Interest revenue on notes receivable.
b. Uninsured flood loss. (Flood insurance is unavailable because of periodic flooding in the area.)
c. Loss on sale of fixed assets.
d. Restructuring charge related to employee termination benefits.
e. Gain on sale of land condemned for public use.
f. Uncollectible accounts expense.
g. Uninsured loss on building due to hurricane damage. The firm was organized in 1920 and had not previously incurred hurricane damage.
h. Loss on disposal of equipment considered to be obsolete because of development of new technology.