Saved Required information [The following information applies to the questions displayed below.) Mansfield Corporation purchased a new piece of equipment at the beginning of Year 1 for $1,010,000. The expected life of the asset is 20 years with no residual value. The company uses straight-line depreciation for financial reporting purposes and accelerated depreciation for tax purposes (the accelerated method results in $101,000 of depreciation each year). The company's federal income tax rate is 21%. The company determined its income tax obligations for Year 1 and Year 2 were $404,000 and $638,000, respectively. 2. Compute income tax expense for each year. Income Tax Expense Year 1 Year 2