For its first year of operations, Lowell Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference $ 400,000 (20,000) 380,000 80,000 $ 460,000 Temporary difference-unearned revenue Taxable income Lowell's tax rate is 25%. Assume that no estimated taxes have been paid. What should Lowell report as its income tax expense for its first year of operations? Multiple Choice $95,000. $100,000. $115,000. $135,000