During the year 2015, Tosco Corporation suffered an $800,000 loss when its factory was destroyed in a flood. Assuming the corporate income tax rate is 36%, what amount will Tosco report as an extraordinary loss on its income statement for 2015? Assume floods are not common in this area.

$800,000.

$512,000.

$288,000.

Nothing, since this does not qualify as an extraordinary item.