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