For each of the items listed below, indicate how it should be treated in the financial statements. 1. The company incurred a loss from impairment of plant assets. 2. 3. 4. 5. 6. 7. Obsolete inventory was written off. This was the first loss of this type in the company's history. Loss on the disposal of a component of the business. Recognition of income earned last year which was inadvertently omitted from last year's income statement. The company sold one of its warehouses at a loss. Settlement of litigation with federal government related to income taxes of three years ago. The company is continually involved in various adjustments with the federal government related to its taxes. Loss on sale of investments. The company last sold some of its investments two years ago. Discontinued operations Prior period adjustment Other income and expense item on the income statement 8. 9. The company neglected to record its depreciation in the previous year. Discontinuance of all production in the United States. The manufacturing operations were relocated in Mexico