Metlock financial income for Lake Inc. is $ 294,000, and its taxable income is $ 98,000 for 2021. Its only temporary difference at the end of the period relates to a $ 68,600 difference due to excess depreciation for tax purposes. If the tax rate is 20% for all periods, compute the amount of income tax expense to report in 2021. No deferred income taxes existed at the beginning of the year.

Income tax expense

$