Tree is a calendar year, accrual basis, corporation. Mr. and Mrs. Smith (cash basis taxpayers) are the sole corporate shareholders. Mr. Smith is president of the corporation, and Mrs. Smith is the vice president. Trees financial records, prepared in accordance with GAAP, show the following information for the year: Revenue from sales of goods $12,900,000 Cost of goods sold (LIFO) (9,260,000) Gross Profit $ 3,640,000 Bad debt expense $ 24,000 Administrative salaries and wages 612,000 State and local business taxes 153,000 Interest expense 33,900 Advertising 67,000 Annual property insurance premiums 19,800 Annual life insurance premiums 7,300 Depreciation expense 148,800 Repairs, maintenance, utilities 81,000 Trees records reveal the following facts: Under the UNICAP rules, Tree had to capitalize $142,800 of administrative wages to inventory. These wages were expensed for financial statement purposes. Because of the UNICAP rules, Trees cost of goods sold for tax purposes exceeds cost of goods sold for financial statement purposes by $219,000. Bad debt expense equals the addition to the corporations allowance for bad debts. Actual write-offs of uncollectible accounts during the year totaled $31,200. Administrative salaries include an accrued $50,000 year-end bonus to Mr. Smith and an accrued $20,000 year-end bonus to Mrs. Smith. These bonuses were paid on January 17 of the following year. The life insurance premiums were on key-person policies for Mr. and Mrs. Smith. The corporation is the policy beneficiary. Tree disposed of two assets during the year. (These dispositions are not reflected in the financial statement information shown.) It sold office furnishings for $45,000. The original cost of the furnishings was $40,000, and accumulated MACRS depreciation through date of sale was $12,700. It also exchanged transportation equipment for a 15 percent interest in a partnership. The original cost of the transportation equipment was $110,000, and accumulated MACRS depreciation through date of exchange was $38,900. MACRS depreciation for assets placed in service in prior years (including the office furnishings and transportation equipment disposed of this year) is $178,600. The only asset acquired this year was new equipment costing $275,000. The equipment has a seven-year recovery period and was placed in service on February 11. Assume that Tree does not elect Section 179 or bonus depreciation with respect to this acquisition. Trees prior-year tax returns show no nonrecaptured Section 1231 losses and a $7,400 capital loss carryforward. Based solely on these facts, compute Trees table income (round to nearest whole dollar).