Question 16 (1 point) If Investor Company owns 20% of the stock of Investee Company and Investee Company reports profits of $100,000, then Investor Company reports equity income of: $80,000. $20,000. $40,000. $60,000. None of the answers are correct. Question 17 (1 point) Which of the following items on the income statement is not disclosed net of tax? Unusual or infrequent item disclosed separately Discontinued operations Extraordinary loss Cumulative effect of change in accounting principle quent isclosed senarat