In its 2016 income statement, Tow Inc. reported proceeds from an officer's life insurance policy of $90,000 and depreciation of $250,000. Tow was the owner and beneficiary of the life insurance on its officer. Tow deducted depreciation of $370,000 in its 2016 income tax return when the tax rate was 25%. Data related to the reversal of the excess tax deduction for depreciation follow:. Year Reversal of excess tax deduction Enacted tax rates2017 $10,000 30%2018 20,000 30%2019 40,000 35%2020 50,000 35% There are no other temporary differences. Taxable income in 2016 is $68,000. Tow expects to report profits (rather than losses) for tax purposes for all future years. What is 2016 Income Tax Expense? a. $57,500 b. $47,000 c. $84,500 d. $53,000 e. $80,000