on february 17, year 2, a company had a fire that destroyed a plant. the building and equipment had a net carrying amount of $550,000 as of december 31, year 1. the company anticipates that insurance proceeds of $300,000 will be received. the audit of the financial statements dated december 31, year 1, was completed february 25, year 2. how should the fire be reported in the financial statements for the year ended december 31, year 1?