Current Attempt in Progress

Sheridan Inc.$\text{'}$s only temporary difference at the beginning and end of $2024$ is caused by a $$3\mathrm{.}54$ million deferred gain for tax purposes for an installment sale of a plant asset, and the related receivable $($only one$-$half of which is classified as a current asset$)$ is due in equal installments in $2025$ and $2026.$ The related deferred tax liability at the beginning of the year is $$1,062,000.$ In the third quarter of $2024,$ a new tax rate of $20\%$ is enacted into law and is scheduled to become effective for $2026.$ Taxable income for $2024$ is $$5,900,000,$ and taxable income is expected in all future years.

Draft the income tax expense portion of the income statement for $2024.$begin with the line "income before income taxes" $.$ Assume no permanent differences exist.

In partial income tax statement format.