The current operating school of thought holds that:
a. All components of comprehensive income should be in the income statement.
b. The income statement should contain only normal operating components of comprehensive income.
c. Retained earnings should reflect only total earnings as reported in the income statement and dividend distributions, in addition to beginning and ending balances.
d. Unusual or infrequently occurring gains and losses should be reported on the income statement.
ANSWER: B
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