At Murray Company, events and transactions during 2016 included the following. The tax rate for all items is 30%. (1) Depreciation for 2014 was found to be understated by $60,000. (2) A strike by the employees of a supplier resulted in a loss of $40,000. (3) The inventory at December 31, 2013 was overstated by $70,000. (4) A flood destroyed a building that had a book value of $1,000,000. Floods are very uncommon in that area. (5) A loss of $60,000 from sale of inventory. The effect of these events and transactions on 2016 income from continuing operations net of tax would be