Theodore Enterprises had the following pretax income (loss) over its first three years of operations:

2011	$520,000
2012	(880,000)
2013	1,540,000

For each year there were no deferred income taxes and the tax rate was 30%. In its 2012 tax return, Theodore elected a loss carry back. No valuation account was deemed necessary for the deferred tax asset as of December 31, 2012. What was Theodore's income tax expense for 2013?

$264,000

$354,000

$462,000

$198,000