Which of the Following Items Should Be Classified as an Unusual

question 136

Multiple Choice

Which of the following items should be classified as an unusual item on an income statement?

• A) gain on the retirement of a bond payable
• B) gain on a sale of a long-term investment
• C) loss due to a discontinued operation in Colorado
• D) selling treasury stock for more than the company paid for it

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Definitions:

Gentrification

The transformation of neighborhoods through an influx of more affluent residents and businesses, often displacing lower-income inhabitants.

Housing Values

The monetary worth assigned to residential properties, influenced by factors like location, size, condition, and market trends.

Poor Neighborhoods

Areas with low income levels, often facing issues like limited access to services and resources.

Urban Revitalization

Efforts and initiatives aimed at improving the economic, physical, and social conditions of city areas that have undergone decline.