Exeter International owns a foreign subsidiary, Albo Corporation. Exeter formed Albo to manufacture insulation on its behalf, and imports the goods for resale in the United States. Exeter and its subsidiary experienced the following events during the current fiscal year: Event CostThe government in the country in which Albo operates expropriated all ofthe assets of United States companies, causing a loss on the forcedabandonment of plant and equipment. USD500,000The unrest in the country in which Albo operated caused foreignexchange instability prior to the expropriation and generated a foreignexchange loss as shown. USD150,000The goods manufactured by Albo contain a material discovered to bepoisonous, which was immediately outlawed for use as insulation inthe United States. Exeter has no alternative use for its inventory of Albo'sproducts. Inventory in US dollars is valued as indicated. USD100,000Construction companies purchasing insulation from Exeter havesuspended payment to Exeter for any product. Virtually all of Exeter'sreceivables are considered to be in default. USD200,000Exeter's CEO received a pre-negotiated severance package. USD 80,000Before considering taxes, what is the amount of Exeter's extraordinary loss under U.S. GAAP?
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