The items below relate to net income and other comprehensive income. Select from the option list provided the best selection for each statement below. Each choice may be used once, more than once, or not at all. Statement Answer ini 1. In the income statement, gains from extinguishment of debt are most likely classified in 2. Foreign currency translation adjustments are initially recognized as components of 3. Comprehensive income consists of 4. An entity presents a full set of statements and is required to report comprehensive income. Accordingly, comprehensive income must be displayed in 5. Cash dividends declared reduce 6. At the end of each reporting period, other comprehensive income is closed to 7. In Year 1, an entity recognized an unrealized holding loss on bonds. The decline in the fair value below amortized cost was not due to credit losses. These bonds were classified as available-for-sale securities in the balance sheet. In Year 2, the bonds were sold at a loss. The pre-tax entry to record the sale is im Answer om AID ely E stments mts of of Select an option below cemer nsive Net income only e inco Discontinued operations Two separate but consecutive statements only d, ot! Statement of changes in equity Retained earnings ne de st was One continuous statement only ere RESET CANCEL ACCEPT ties ir vere the sale Answer om AID ely E stments mts of of Select an option below emer sive O Net income and OCI e inco O Debit loss and credit OCI Income from continuing operations d, ot! O OCI Debit accumulated OCI and credit OCI ne de st was O Debit OCI and credit a loss ere RESET CANCEL ACCEPT ties ir vere the sale Answer om AID ely ..! stments mts of of Select an option below emer nsive O Accumulated OCI e inco One continuous statement or two separate but consecutive statements A separate equity account for the specific component of OCI d, ot! O Comprehensive income On the face of the statements only ne de st was In the notes only ere RESET CANCEL ACCEPT ties ir vere the sale Answer om ini ely !!!! stments mts of of Select an option below cemer One continuous statement or two separate but consecutive statements nsive e inco A separate equity account for the specific component of OCI Comprehensive income -d, oth on the face of the statements only In the notes only ere ne de O Neither on the face of the statements nor in the notes st was RESET CANCEL ties ir were the sale ACCEPT