Please provide the correct answer to this general accounting problem using valid calculations.

Goldstone Inc.'s 2023 income statement reported pretax accounting income of $1,200,000. The following data is available for tax purposes: Tax-exempt interest from municipal bonds: $40,000 Tax depreciation exceeds book depreciation: $100,000 Enacted tax rate: 25% Assume no deferred tax liability existed at the beginning of 2023. What is the income tax expense for 2023