James, Inc. incurred the following infrequent losses during 2020: A $280,000 write-down of equipment leased...
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Accounting
James, Inc. incurred the following infrequent losses during 2020:
A $280,000 write-down of equipment leased to others.
A $160,000 adjustment of accruals on long-term contracts.
A $240,000 write-off of obsolete inventory.
In its 2020 income statement, what amount should James report as total unusual losses?
a. $680,000.
b. $520,000.
c. $440,000.
d. $400,000.
Please show your work
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