Last fiscal year 01-Jan to 31-Dec, Norco, Inc., had a gross revenue of $20,000,000, cost of goods sold and interest expenses of $5,000,000, and total depreciation charges of $5,000,000. Also on October 1 of last year, Norco completed purchase of and placed in service a new automated production line with an installed initial cost of $2,000,000. Compute Norco’s taxable income for last year.