40. D Corporation, a calendar year accrual basis corporation, reported net income per books of $300,000 for the tax year ended December 31. Included in the calculation of net book income were the following items: $ 90,000 Federal income tax expense Life insurance proceeds on officer who died in current year Insurance premiums on key employee life insurance Net loss on sale of securities held for investment Depreciation expense per books ($86,000 per tax) 120,000 6,000 4,000 50,000 Compute D Corporation's taxable income and current tax expense assuming a 21 percent tax rate.