During the year 2018,Tosco Corporation suffered an $800,000 loss when its factory was destroyed in a flood.Assuming the corporate income tax rate is 36%,what amount will Tosco report as a non-recurring loss on its income statement for 2018? Assume floods are not common in this area.

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Tosco will report the entire $800,000 loss on their income statement as a non-recurring loss. However, this loss will also be tax-deductible, so the company will receive a tax benefit of $288,000 (36% of $800,000). Therefore, the net impact on Tosco's financial statements will be $512,000 ($800,000 - $288,000).

During the Year 2018,Tosco Corporation Suffered an $800,000 Loss When