Write 2 page paper discussing the below topic. In order to get full points for this assignment, you need to ensure that you cover the fully the below questions. The paper is expected to be double spaced, 12 font, times new roman.

Topic: Income Statement FormatAccountants have advocated two types of income statements based on differingviews of the concept of income: the current operating performance and all-inclusiveconcepts of income.

a. Discuss the general nature of these two concepts of income.

b. How would the following items be handled under each concept?

i. Cost of goods sold

ii. Selling expenses

iii. Extraordinary items

iv. Prior period adjustments