14. James, Inc. incurred the following infrequent losses during 2012:A $140,000 write-down of equipment leased to others.A $80,000 adjustment of accruals on long-term contracts. A $120,000 write-off of obsolete inventory. In its 2012 income statement, what amount should James report as total infrequent losses that are not considered extraordinary? A) $340,000. B) $220,000. C) $260,000. D) $200,000