One of the primary advantages of the single$-$step income statement is the absence of any implication that one type of revenue or

expense has priority over another.

True

False

Classification as an unusual item on the incomestat& yent would be appropriate for all of the following except:

gain from condemnation settlement.

gain or loss on disposal of a component of the business.

loss from a strike.

substantial write$-$down of obsolete inventories.