Pretax income Selected financial information for the year just ended is shown below. $5,000,000 Interest received on municipal bonds 600,000 Gain on the sale of land reported this year but not taxable until next year 1,000,000 Tax rate for all years 40% Beginning balances: Income taxes payable Deferred tax liability 0 $50,000 The total income tax expense reported on the income statement for the year just ended should be