Norman had reported a deferred tax asset of $15,000 and no valuation allowance at December 31, 2022. In its December 31, 2023. balance sheet, Norman Co. had income taxes payable of $45,000 and a deferred tax asset of $20,000 before determining the need for a valuation account. No estimated tax payments were made during 2023. At December 31, 2023, Norman determined that it was more likely than not that 20% of the deferred tax asset would NOT be realized. In its 2023 income statement, what amount should Norman report as total income tax expense? $45,000 548,000 $42,000 $44,000