Oldham Inc. conducts business in State Mand State N, which both use the UDITPA three-factor formula to apportion income. State M's corporate tax rate is 4.5 percent, and State N's corporate tax rate is 7 percent. This year, Oldham had the following sales, payroll, and property (in thousands of dollars) in each state: Gross receipts from sales Payroll expense Property costs State M State N $3,000 $7,500 800 1,200 900 1,000 Total $10,500 2,000 1,900 Oldham's before-tax income was $3 million. Compute the state income tax savings if Oldham could relocate its personnel so that payroll expense in State M increased to $1,900 (thousand) and payroll expense in State N decreased to $100 (thousand). (Round all apportionment factors to 4 decimal places, e.g., 47.15% would be 0.4715 and dollar values to the nearest whole dollar. Enter your answer in dollars and not in millions or thousands of dollars.) State income tax savings