Kingbird Timber Company owns 9,000 acres of timberland in eastern Washington, which was purchased in 2011 at a cost of $770 per acre. In 2020, Kingbird began selectively logging this timber tract. In July of 2020, a nearby (thought to be dormant) volcano erupted, downing all of the trees and burying the timberland of Kingbird under a foot of ash, In addition, the logging roads, built at a cost of $180,000, and all of the logging equipment, with a net book value of $446,000, were destroyed. At the time of the eruption, Kingbird had logged 10% of the estimated 1,372,500 board feet of timber. Prior to the eruption, Kingbird estimated the land to have a residual value of $180 per acre after the timber was harvested. Kingbird includes the logging roads in the depletion base. Kingbird estimates it will take 5 years to salvage the downed timber at a cost of $1,000,000. The timber can be sold for pulp wood at an estimated price of $2.30 per board foot. The residual value of the land is now unestimable and must be assumed to be $0 due to future uncertainties. (c) If this tract represents aporeximately half of the timber holdings of Kingbird, determine the amount of the loss due to the eruption toe the year ended December 31. 2020. Unusual los due to the eruption