Midway Co. had the following transactions during the current year:USD1,200,000 pretax loss on foreign currency exchange due to a major unexpected devaluation by the foreign government.USD500,000 pretax loss from discontinued operations of a division.USD800,000 pretax loss on equipment damaged by a hurricane. This was the first hurricane ever to strike in Midway's area. Midway also received USD1,000,000 from its insurance company to replace a building, with a carrying value of USD300,000 that had been destroyed by the hurricane.What amount should Midway report in its year-end income statement as extraordinary loss before income taxes under U.S. GAAP?
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