At the beginning of 2018; Elephant, Inc. had a deferred tax asset of $20,000 and a deferred tax liability of $30,000. Pre-tax accounting income for 2018 was $1,500,000 and the enacted tax rate is 40%. The following items are included in Elephants pre-tax income: Interest income from municipal bonds $120,000 Accrued warranty costs, estimated to be paid in 2019 $260,000 Operating loss carryforward $190,000 Installment sales revenue, will be collected in 2019 $130,000 Prepaid rent expense, will be used in 2019 $ 60,000 What is Elephant, Inc.s taxable income for 2018?