Reporting Choices Indicate whether each of the following items should be reported as a part of income from continuing operations (IO), an extraordinary item (EI), a discontinued operation (DO), or excluded from the income statement (EX):

a. Sale of inventory at a loss.

b. Flood losses at time of annual spring thaw.

c. Cost of replacing an uninsured building destroyed when a passenger plane crashed into it.

d. Gain realized from sale of all operating assets of the European Products Division.

. Write-off of a major account receivable.

. Gain from selling land in Florida previously acquired for possible expansion.

. Increase in value of land held in Maine.

. Loss of computer equipment from power surge.

. Theft of $10,000 by assistant controller.

. Loss from operating Aerospace Division prior to its sale near the end of the year.