Blossom Inc's only temporary difference at the beginning and end of 2024 is caused by a $3.36 million deferred gain for tax purposes for an installment sale of a plant asset, and the related receivable (only one-half of which is classified as a current asset) is due in equal installments in 2025 and 2026. The related deferred tax liability at the beginning of the year is $1,008,000. In the third quarter of 2024 , a new tax rate of 20% is enacted into law and is scheduled to become effective for 2026 . Taxable income for 2024 is $5,600,000, and taxable income is expected in all future years. Draft the income tax expense portion of the income statement for 2024. Begin with the line "Income before income taxes." Assume no permanent differences exist. (Enter negative amounts using either a negative sign preceding the number eg. -45 or porentheses es. (45)