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Selected financial information for Windham, Inc., for the year just ended is shown below.
Pretax income $5,000,000
Interest received on municipal bonds 600,000
Gain on the sale of land reported this year but not taxable until next year 1,000,000
Tax rate for all years 40%
Beginning balances:
Income taxes payable -0-
Deferred tax liability $50,000
"The total income tax expense reported on Windham’s income statement for the year just ended should be"