Mobe Co. reported the following operating income (loss) for its first three years of operations:

20X2	$300,000
20X3	($700,000)
20X4	$1,200,000

For each year, there were no deferred income taxes, and Mobe's effective income tax rate was 30%. In its 20X3 income tax return, Mobe elected to carry back the maximum amount of loss possible. In its 20X4 income statement, what amount should Mobe report as total income tax expense?

$360,000

$150,000

$120,000

$240,000