At Teddy Fresh Company, the events and transactions during 2020 included the following. The tax rate for all these items is 20%.

(1) Depreciation for 2018 was found to be understated by $150,000. (2) A strike by the employees of a supplier resulted in a loss of $120,000. (3) The inventory at December 31, 2018 was overstated by $160,000. (4) A disposal of a component of the business resulted in a $16,000,000 loss.

The effect of these events and transactions on 2020 net income net of tax would be? Please show all work and read carefully. Someone already answered this incorrectly.