Assume that Theodore Enterprises operates in an industry for which NOL carryback is allowed. Theodore Enterprises had the following pretax income (loss) over its first three years of operations: 2022 2023 2024 $520,000 (880,000) 1,540,000 For each year there were no deferred income taxes and the tax rate was 25%. In its 2023 tax return, Theodore elected a net operating loss carryback. No valuation account was deemed necessary for the deferred tax asset as of December 31, 2023. What was Theodore's income tax expense for 2024? Multiple Choice $358,000 $264,000 $385,000 $198,000