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Calculating net loss with tax rate

Task: Clean Corp. reported the following pretax accounting income and taxable income for its first three years of operations:

2002 $ 400,000 2003 (700,000) 2004 800,000

Clean's tax rate is 40% for all years. Assuming that Clean elected a loss carryback/carryforward, what would be the net loss in 2003 reported on its income statement?

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