XYZ is a calendar$-$year corporation that began business on January $1,2023.$ For the year, it rformation in its current$-$year audited income statement. Notes with important tax information are provided below.

XYZ corporation Income statement For current year $-$ Book Income

Revenue from sales $ $42,800,000$

Cost of Goods Sold $(28,890,000)$

Gross profit $ $13,910,000$

Other income:

Income from investment in corporate stock $300,000-$ Footnote $1$

Interest income $31,200-$ Footnote $2$

Capital gains $($losses$)(4,000)$

Gain or loss from disposition of fixed assets $3,000-$ Footnote $3$

Miscellaneous income $50,000$

Gross Income $ $14,290,200$

Expenses:

Compensation $(7,528,000)$ Footnote $-4$

Stock option compensation $(228,000)$ Footnote $-5$

Advertising $(1,378,000)$

Repairs and Maintenance $(89,000)$

Rent expense $(36,000)$

Bad Debt expense $(55,000)$ Footnote $-6$

Depreciation $(1,750,000)$ Footnote $-7$

Warranty expenses $(98,000)$ Footnote $-8$

Charitable donations $(500,000)$ Footnote $-9$

Meals $(38,800)$

Goodwill impairment $(37,000)$ Footnote $-10$

Organizational expenditures $(42,500)$ Footnote $-11$

Other expenses $(168,000)$ Footnote $-12$

Total expenses $ $(11,948,300)$

Income before taxes $ $2,341,900$

Provision for income taxes $(400,000)-$ Footnote $13$

Net Income after taxes $ $1,941,900$

Footnote $1-$ XYZ owns $30\%$ of the outstanding Hobble Corporation $($HC$)$ stock. Hobble Corporation reported $$1,000,000$ of income for the year. XYZ accounted for its investment in HC under the equity method, and it recorded its pro rata share of HC$\text{'}$s earnings for the year. HC also distributed a $$200,000$ dividend to XYZ$.$ For tax purposes, XYZ reports the actual dividend received as income, not the pro rata share of HC$\text{'}$s earnings.

Footnote $2-$ Of the $$31,200$ interest income, $$7,800$ was from a City of Seattle bond, $$9,800$ was from a Tacoma City bond, $$8,800$ was from a fully taxable corporate bond, and the remaining $$4,800$ was from a money market account.

Footnote $3-$ This gain is from equipment that XYZ purchased in February and sold in December $($i$.$e$.,$ it does not qualify as $1231$ gain$).$

Footnote $4-$ This includes total officer compensation of $$2,500,000($no one officer received more than $$1,000,000$ compensation$).$

Footnote $5-$ This amount is the portion of incentive stock option compensation that was expensed during the year $($recipients are officers$).$

Footnote $6-$ XYZ actually wrote off $$34,000$ of its accounts receivable as uncollectible.

Footnote $7-$ Tax depreciation was $$2,250,000.$

Footnote $8-$ In the current year, XYZ did not make any actual payments on warranties it provided to customers.

Footnote $9-$ XYZ made $$500,000$ of cash contributions to charities during the year

Footnote $10-$ On July $1$ of this year, XYZ acquired the assets of another business. In the process, it acquired $$342,000$ of goodwill. At the end of the year, XYZ wrote off $$37,000$ of the goodwill as impaired.

Footnote $11-$ XYZ expensed all of its organizational expenditures for book purposes. XYZ expensed the maximum amount of organizational expenditures allowed for tax purposes.

Footnote $12-$ The other expenses do not contain any items with book$$tax differences.

Footnote $13-$This is an estimated tax provision $($federal tax expense$)$ for the year. Assume that XYZ is not subject to state income taxes.

Estimated tax information:

XYZ made four equal estimated tax payments totaling $$440,000($$$110,000$ per quarter$).$ For purposes of estimated tax liabilities, assume XYZ was in existence in $2023$ and that in $2023$ it reported a tax liability of $$612,000.$ During $2024,$ XYZ determined its taxable income at the end of each of the first three quarters as follows:

Quarter$-$end Cumulative taxable income $($loss$)$

First $ $470,000$

Second $ $1,170,000$

Third $ $1,710,000$

Finally, assume that XYZ is not a large corporation for purposes of estimated tax calculations.

What is income tax liability $/$ taxable income? $($please show work and verify answer is correct, thank you.$)$

Note: Do not round intermediate calculations. Round your answers to the nearest dollar amount.