which of the following would be classified as an extraordinary item on the income st 641684
If the investor company owns 30% of the stock of the investee company and the investee company reports profits of $150,000, then the investor company reports equity income of
1. $25,000.
2. $35,000.
3. $45,000.
4. $50,000.
5. $55,000.
Which of the following would be classified as an extraordinary item on the income statement?
1. Loss from tornado
2. Loss on disposal of a segment of business
3. Writedown of inventory
4. Correction of an error of the current period
5. Loss from strike