3. Grand River Corporation reported taxable income of $500,000 in 20X3 and paid federal income taxes of $170,000. Not included in the computation was a disallowed meals and entertainment expense of $2,000, tax exempt income of $1,000, and deferred gain on an installment sale of $25,000. The company deducted MACRs depreciation of $12,000. Depreciation under ADS 168(2) was $8,000. In addition, The company elected to take a Section 179 expense on the entire cost of a $25,000 asset that it purchased. Calculate the corporation's current earnings and profits for 20X3