During the current year, Tosco Corporation suffered an $400,000 loss when its factory was destroyed in a flood. Floods are not common in this area. Assuming the corporate income tax rate is 20%, what amount will Tosco report as a non-recurring loss on its income statement for the current year? Multiple Choice $400,000 $320,000 $80,000 Nothing, since the loss from this flood does not qualify as a non-recurring item