1. Determine the proper placement on the income statement for each type of gain listed below and briefly explain your choice (in full sentences). Choose only one option for each item.
   • Gross profit?
   • Net income from continuing operations (but not gross profit)?
   • Discontinued operations (but not continuing operations)?
   • Comprehensive income (but not net income)?

A gain from selling the only stock investment a company has ever owned.

A gain from the sale of equipment.

A gain from disposal of a line of business.