When a company discontinues an operation and disposes of the discontinued operation (component) the transaction should be included in the income statement as a gain or loss on disposal reported as a prior period adjustment. an extraordinary item. an amount after continuing operations and before extraordinary items. a bulk sale of plant assets included in income from continuing operations and extraordinary gains and losses. Show transcribed image text When a company discontinues an operation and disposes of the discontinued operation (component) the transaction should be included in the income statement as a gain or loss on disposal reported as a prior period adjustment. an extraordinary item. an amount after continuing operations and before extraordinary items. a bulk sale of plant assets included in income from continuing operations and extraordinary gains and losses.
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