How should a material unusual or infrequent gain or loss be disclosed in the financial statements? Reported in other revenues and gains" or "Other expenses and losses" section of Income Statement and supplemented by a footnote. O Reported in operating revenues or expenses but not shown as a separate item O Reported in separate section of Income Statement called "Unusual or infrequent gains or losses and supplemented by a footnote. Reported as a separate item below net income or loss in the Income Statement