A reclassification adjustment is reported in the
a. income statement as an Other revenue or expense.
b. stockholders' equity section of the balance sheet.
c. statement of comprehensive income as other comprehensive income.
d. statement of stockholders' equity.
Answer: statement of comprehensive income as other comprehensive income
True or False: In determining lower-of-cost-or-market, market is the expected selling price under normal operations.
Answer: FALSE
True or False: Net Realizable Value is selling price less costs of completion and disposal.
Answer: TRUE
