Cullumber Inc's only temporary difference at the beginning and end of 2024 is caused by a $3.42 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 $1,026,000. 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 $5,700,000, and taxable income is expected in all future years.

Deferred tax liability $855000

Account Titles and Explanation | Debit | Credit
Deferred Tax Liability | 171000 |
Income Tax Expense | | 171000

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.