Alpha Corporation (the Company) files as a C Corporation on a calendar year basis. The Company qualifies for and uses the cash method of accounting for income tax purposes. The Company's 2022 trial balance follows. The year 2022 is the first year of the Company's operations.

Other Information The Company operates exclusively in Florida and does not have any state filing requirements. Alpha Corporation Trial Balances 31-Dec-22 2022 Debits Credits Cash 1,305,000 Accounts receivable 250,000 Investment account 440,000 Equipment 700,000 Accumuated depreciation 70,000 Land 50,000 Accounts payable 100,000 Note payable bank 1,000,000 Common stock 100,000 Retained earnings Revenues 5,000,000 Cost of goods sold 3,500,000 Interest income 10,000 Dividends (qualified) 5,000 Long term capital gains 40,000 Depreciation expense 70,000 Fines and penalties 10,000 6,325,000 6,325,000

The Company uses the 10-year straight-line method with no salvage value for financial reporting purposes and the DDB method, a recovery period of 5 years, a half year convention, and no salvage value for tax purposes. Required Calculate the Company's 2022 current and deferred income tax expense.