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During the current year, both Raim Co. and Cane Co. suffered losses due to the flooding of the Mississippi River. Rain is located two miles from the river and sustains flood losses every two to three years. Cane, which has been located 50 miles from the river for the past 20 years, has never before had flood losses. How should the flood losses be reported in each company’s income statement under U.S. GAAP?
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