Hope, Inc. at the end of 2014, its first year of operations,prepared a reconciliation between pretax financial income andtaxable income as follows: Pretax financial income $ 800,000Estimated litigation expense 2,000,000 Installment sales(1,600,000) Taxable income $ 1,200,000 The estimated litigationexpense of $2,000,000 will be deductible in 2016 when it isexpected to be paid. The gross profit from the installment saleswill be realized in the amount of $800,000 in each of the next twoyears. The estimated liability for litigation is classified asnoncurrent and the installment accounts receivable are classifiedas $800,000 current and $800,000 noncurrent. The income tax rate is30% for all years. The income tax expense is how much?