Suppose a firm had an extraordinary loss of \(\$ 300,000\). If the firm's tax rate is \(35 \%\), how will the loss be shown in the financial statements?

a. On the income statement, below income from operations, net of tax savings, for a net loss of \(\$ 195,000\)

b. On the income statement as part of the calculation of income from operations, before taxes, for a loss of \(\$ 300,000\)

c. As supplementary information in the notes to the financial statements

d. As a cash outflow from financing on the statement of cash flows