Question 7 (1 point) Which of the following would be classified as an extraordinary item on the income statement? Loss from a strike Correction of an error related to a prior period Write-off of obsolete inventory Loss on disposal of a segment of business Loss from prohibition of a product Question 8 (1 point) If a firm consolidates subsidiaries that are not wholly owned, an income statement item is created that is termed: dividend income. minority share of earnings. equity income. extraordinary gain from sale of subsidiary