B is corrent. Per ASC Topic 270, extraordinary items should be disclosed separately and included in the determination of net income for the interim periods in which they occur. Therefore, an extraordinary gain occurring in the second quarter should be recognized in the second quarter.
A is incorrect. Per ASC Topic 270, extraordinary items should be disclosed separately and included in the determination of net income for the interim periods in which they occur. Therefore, an extraordinary gain occurring in the second quarter should be recognized in the second quarter.
A is incorrect. Per ASC Topic 270, extraordinary items should be disclosed separately and included in the determination of net income for the interim periods in which they occur. Therefore, an extraordinary gain occurring in the second quarter should be recognized in the second quarter.
D is incorrect. Per ASC Topic 270, extraordinary items should be disclosed separately and included in the determination of net income for the interim periods in which they occur. Therefore, an extraordinary gain occurring in the second quarter should be recognized in the second quarter.
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