During the year 2003 grumlee corporation suffered a 500000

Reference no: EM13594195

During the year 2003, Grumlee Corporation suffered a $500,000 loss when its factory was destroyed in a flood. Assuming the corporate income tax rate is 32%, what amount will Grumlee report as an extraordinary losss on its income statement for 2003? (Assume floods are not common in this area).

Reference no: EM13594195

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