Waco Leather Incorporated, a U.S. corporation, reported total taxable income of $4.3 million. Taxable income included $1

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Waco Leather Incorporated, a U.S. corporation, reported total
taxable income of $4.3 million. Taxable income included $1.1
million of foreign source taxable income from the company’s branch
operations in Mexico. All of the branch income is foreign branch
income. Waco paid Mexican income taxes of $198,000 on its branch
income. Compute Waco’s allowable foreign tax credit. (Enter your
answer in dollars and not in millions of dollars.)