On November 1, year 2, management of Flop Corporation committed to a plan to dispose of Flip Company, a major subsidiary. The disposal meets the requirements for classification as discontinued operations. The carrying value of Flip Company was $8,000,000 and management estimated the fair value less costs to sell to be $6,500,000. For year 2, Flip Company had a loss of $1,000,000. How much should Flop Corporation present as loss from discontinued operations before the effect of taxes in its income statement for year 2?