IVANHOE INC.$\text{'}$s

Income Statement $($Partial$)$

For the Year Ended December $31,2024$

Income Tax Expense

$

$$

$Ivanhoe Inc's only temporary difference at the beginning and end of $2024$ is caused by a $$3\mathrm{.}45$ million deferred gain for tax purposes

for an installment sale of a plant asset, and the related receivable $($only one$-$half of which is classified as a current asset$)$ is due in equal

installments in $2025$ and $2026.$ The related deferred tax liability at the beginning of the year is $$1,035,000.$ In the third quarter of

$2024,$ a new tax rate of $20\%$ is enacted into law and is scheduled to become effective for $2026.$ Taxable income for $2024$ is $$5,750,000,$

and taxable income is expected in all future years.

$-$ Draft the income tax expense portion of the income statement for $2024.$ Begin with the line $$Income before income taxes.$$ Assume no permanent differences exist.