ABC Corp.'s 2021 income statement showed pretax accounting income of $2,800,000. To compute the federal income tax liability, the following 2021 data are provided:

Income from exempt municipal bonds $ 100,000

Depreciation deducted for tax purposes in excess of depreciation

deducted for financial statement purposes 300,000

Enacted corporate income tax rate 20%

Compute the current tax payable for the year.