Mackinac Corporation, a U.S. corporation, reported total taxable income of $5 million. Taxable income included $1.5 million of foreign source taxable income from the companys branch operations in Canada. All of the branch income is general category income. Mackinac paid Canadian income taxes of $325,000 on its branch income. Compute Mackinacs allowable foreign tax credit. Assume a U.S. corporate tax rate of 21%.