For each of the following income statement items, determine whether or not the item would be included in income from operations. Assume the company is a merchandising company such as Walmart or Target.

1.Dividend revenue

2.Sales discounts

3.Write-off of goodwill

4.Officers' salaries

5.Loss on sale of equity investments

6.Interest income

7.Cost of goods sold

8.Impairment of equipment

9.Sales returns

10.Restructuring charges

11.Bad debts expense

12.Interest expense

13.Rent expense

14.Insurance expense

15.Gain on sale of building

16.Advertising expense