"A consumer electronics company was formed to develop cell phones that run on or recharged by fuel cells. The company purchased a warehouse and converted it into a manufacturing plant for $8,700,000. It completed installation of assembly equipment worth $1,400,000 on December 31st. The plant began operation on January 1st. The company had a gross income of $7,900,000 for the calendar year. Manufacturing costs and all operating expenses were $2,240,000. The depreciation amounted to $507,000. What is the taxable income for this company?"