Sheridan Company deducts insurance expense of $225000 for tax purposes in 2021, but the expense isnotyet recognized for accounting purposes. In 2022, 2023, and 2024, no insurance expense will be deducted for tax purposes, but $75000 of insurance expense will be reported for accounting purposes in each of these years. Sheridan Company has a tax rate of 20% and income taxes payable of $190000 at the end of 2021. There werenodeferred taxes at the beginning of 2021.

What is the amount of income tax expense for 2021?

$235000

$225000

$190000

$248000