James, Inc. incurred the following infrequent losses during 2012: $140000 write-down of equipment leased to others. $80000 adjustment of accruals on long-term contracts. $120000 write-off of obsolete inventory. In its 2012 income statement, what amount should James report as total infrequent losses that are not considered extraordinary? Answer $220,000. $260,000. $340,000. $200,000.