Baltimore Inc. reported pretax GAAP income of $65,000 in 2020. In analyzing differences between GAAP income and taxable income, the company determined that it had deducted $5,000 in key-man life insurance and added $3,500 in municipal interest revenue to GAAP income. Given a statutory tax rate of 21%. There were no temporary differences. Which of the following is true? a. Taxable income is $61,500 b. Current income tax payable 13,965 c. Tax expense $12,915 d. All of the above