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Question - During the year 2015, Torino Corporation suffered a $1,200,000 loss when its factory was severely damaged in an earthquake. Assuming the corporate income tax rate is 30%, what amount will Torino report as an extraordinary loss on its income statement for 2015? Assume earthquakes are not common in this area.
a. Nothing, since this does not qualify as an extraordinary item.
b. $840,000.
c. $1,200,000
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