For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $300,000 Permanent difference (15,000) 285,000 Temporary difference- depreciation (20,000) Taxable income $265,000 Tringali's tax rate is 40%. What should Tringali report as its income tax expense for its first year of operations