The following information is available for a company for 2020 (its first year of operations). 1. Excess of tax depreciation over book depreciation is $60,000. This $60,000 difference will reverse equally over the years 2021, 2022, and 2023. 2. Deferral, for book purposes, of $26,934 of rent received in advance. The rent will be recognized in 2021 for book purposes. 3. Pretax financial income, $440,742. 4. Tax Rate for 2020 = 0.2, for years 2021 to 2023 the tax rate is 0.28 (all future tax rates were enacted prior to 12/31/2020)

Compute income tax expense for 2020 (the current year).

(do not include dollar signs, M, million, thousands, etc in your answer - only include the number in this format ###,###)