Seven Line Corporation manufactures sports gear and merchandise. Presented below is information related to Seven Line Corporation for the current fiscal year. All amounts are pre-tax. The tax rate is 30%. Use the information below to prepare a multi-step income statement and answer the following multiple-choice questions Sales Revenue Uneamed Revenue Sales Returns Selling and Administrative Expense Loss from Hurricane Joaquin Cost of Goods Sold Restructuring Charges Gain on Sale of Plant Assets Income from Sneaker Division Unrealized Gain on Available for Sale Securities Accumulated Other Comprehensive Income $1,550,000 20,000 50.000 240,000 290,000 880,000 20.000 10,000 50.000 10,000 30,000 Other notes for the fiscal year: * Hurricane Joaquin was the first one hurricane to affect the company in 10 years. On the last date of the fiscal year, Seven Line Corporation sold its Sneakers division to Grand Slam Corporation for a gain of $53,000 before tax How should the restructuring charges and hurricane loss be reported on the multi-step income statement? O A. The restructuring charges should be reported as an operating expense, while the loss from hurricane should be reported as an 'other expense/loss" item. B. Both are considered peripheral and incidental transactions and should thus be reported as other expenses/losses." OC. Both should be reported net of tax as part of income from continued operations. OD. None of the above What is gross profit for Seven Line Corporation? O A. 260,000 B. 380,000 OC. 620,000 OD. None of the above Click to select your