Assume that a company has provided the following information regarding a capital investment opportunity: Initial investment in equipment Initial investment in working capital $ 150,000 $ 30,000 Estimated annual sales Estimated annual cash operating expenses Repairs and maintenance in 3 years $ 160,000 $ 85,000 $ 20,000 The equipment has a four-year useful life and no salvage value. The working capital will be released at the end of the project. The company's tax rate is 30%. The income tax expense for Year 4 of this investment is closest to