Ivanhoe Co. at the end of 2020, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows: Pretax financial income $900000 Estimated litigation expense 2500000 Installment sales (2000000) Taxable income $1400000 The estimated litigation expense of $2500000 will be deductible in 2022 when it is expected to be paid. The gross profit from the installment sales will be realized in the amount of $1000000 in each of the next two years. The estimated liability for litigation is classified as noncurrent and the installment accounts receivable are classified as $1000000 current and $1000000 noncurrent. The income tax rate is 20% for all years. The income tax expense is $1000000 O $180000. $500000. $280000