XYZ Company, a 'for-profit' business, had revenues of $16 million in 2022. Expenses other than depreciation totaled 75 percent of revenues. XYZ Company, must pay taxes at a rate of 40 percent of pretax (operating) income. All revenues were collected in cash during the year, and all expenses other than depreciation were paid in cash. Due to a change in the company's accounting guidelines, the organization will now be more conservative in its depreciation estimation. Depreciation expense was was originally was $2 million; however, now the depreciation expense of its capital assets will only be $750,000. Based on this change in depreciation expense, what would XYZ's net income be? Choice: $875,000 Choice: $1,350,000 Choice: $1,950,000 Choice: $2,000,000