ACCT 301 Spring 2010 Written Assignment 1 Hurricane William Euker Corporation (Euker) has a manufacturing plant and sales office in the Gulf Coast Region. The damage caused by Hurricane William (Hurricane), a Category 5 hurricane, has rendered Euker's manufacturing plant inoperable. Euker's legal counsel has determined that under Euker's property and casualty insurance policy, Euker is entitled to insurance recovery for the fair value of the manufacturing plant in excess of the deductible, and that such recovery is probable. Required: - How should Euker account for the anticipated insurance recovery for the manufacturing plant when such recovery has not been received but is deemed probable