Answer: Option (c) is correct.
Explanation:
Given that,
Income before taxes = $550,000
An extraordinary loss = $170,000
Income tax rate = 30% on all items
Income before irregular items = Income before taxes - Tax expenses
                         = $550,000 - $165,000
                         = $385,000
Extraordinary loss = Extraordinary loss - Tax saving
               = $170,000 - $51,000
               = $119,000