Stillwell Corporation

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Indicate which of the following items would be reported as an extraordinary item on Stillwell Corporation’s income statement. Give a brief rational why you selected the item as an extraordinary event. (a) Loss from damages caused by a volcano eruption in Iona, ID. (b) Loss from the sale of short-term investments. (c) Loss attributable to a labor strike. (d) Loss of inventory from flood damage because a warehouse is located on a flood plain that floods every 5 to 10 years. (e) Loss on the write-down of outdated inventory. (f ) Loss from a foreign government’s expropriation of a production facility. (g) Loss from damage to a warehouse in southern California from a minor earthquake.