Sunland Company deducts insurance expense of $213000 for tax purposes in 2018, but the expense is not yet recognized for accounting purposes. In 2019, 2020, and 2021, no insurance expense will be deducted for tax purposes, but $71000 of insurance expense will be reported for accounting purposes in each of these years. Sunland Company has a tax rate of 30% and income taxes payable of $164000 at the end of 2018. There were no deferred taxes at the beginning of 2018. What is the amount of income tax expense for 2018?
$227900
$164000
$240900
$213000