At the beginning of 2012; Elephant, Inc. had a deferred tax asset of $8,000 and a deferred tax liability of $12,000. Pretax Accounting income for 2012 was $600,000 and the enacted tax rate is 40%. The following Items are included in Elephant's pretax Income:
Interest Income from Municipal Bonds $48,000
Accrued Warranty Cost, estimated to be paid in 2013 $104,000
Operating Loss Carryforward $76,000
Installment Sales revenue, will be collect in 2013 $52,000
Prepaid Rent Expense, will be used in 2013 $24,000
Calculate Taxable Income for 2012.