Waco Leather Incorporated, a U.S. corporation, reported total taxable income of $4.9 million. Taxable income included $1.48 million foreign source taxable income from the company's branch operations in Mexico. All of the branch income is foreign branch income. Waco paid Mexican income taxes of $296,000 on its branch income. Compute Waco's allowable foreign tax credit. Note: Enter your answer in dollars and not in millions of dollars