For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $280,000 Permanent difference (15,800) 264,200 Temporary difference-depreciation (19,800) $244,400 Taxable income Tringali's tax rate is 40 %. Assume that no estimated taxes have been paid. What should Tringali report as its income tax expense for its first year of operations? Multiple Choice $7,920. $97760. Tringali's tax rate is 40%. Assume that no estimated taxes have been paid. What should Tringali report as its income tax expense for its first year of operations? Multiple Choice $7,920. $97760. $105,680. $112,000