Microsoft Corporation has undergone a change in tax policy which increased the corporate tax rate from 21% to 28% effective January 1, 2024. The following information pertains to Microsoft for the fiscal year ending December 31, 2024:

• Income before taxes: $20,000,000
• Previous year’s tax expense: $4,200,000

Calculate the tax expense for the year 2024 and the net income after the tax policy change.