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A fire destroyed one of Government A's fire stations, which had a net book value of...

A fire destroyed one of Government A's fire stations, which had a net book value of $635,000. The government received an insurance settlement of $400,000 in the same fiscal year the fire had occurred. Which of the following best describes the external financial reporting in the year of the fire? A special item in the amount of $635,000 should be reported in government-wide financial statements only. A loss of $235,000 should be reported in the government-wide financial statements only. A loss of $235,000 should be reported in both the General Fund and the government-wide financial statements. A special item of $235,000 should be reported in the government-wide financial statements only.

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