Assuming there were no charges to retained earnings other than dividends of $20,000, the net income (loss) for 2010 was
1. $(20,000).
2. $(40,000).
3. $20,000.
4. $40,000.
5. $60,000.
Which of the following would be classified as an extraordinary item on the income statement?
1. Loss on disposal of a segment of business
2. Cumulative effect of a change in accounting principle
3. A sale of fixed assets
4. An error correction that relates to a prior year
5. A loss from a flood in a location that would not be expected to flood
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