Puritan Corp. reported the following pretax accounting income and taxable income for its first three years of operations: 2017 $ 350,000 2018 (600,000) 2019 700,000 Puritan's tax rate is 40% for all years. Puritan elected a loss carryback. As of December 31, 2018. Puritan was certain that it would recover the full tax benefit of the NOL that remained after the operating loss carryback. What would be the net loss in 2018 reported in Puritan's income statement?
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