For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: 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? \begin{tabular}{|} $120,000 \\ $114,000 \\ $106,000 \\ $8,000 \end{tabular}