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Burcham Corporation reported pretax book income of $707,500. Tax depreciation exceeded book depreciation by $565,000. In addition, the company received $272,000 of tax-exempt municipal bond

Burcham Corporation reported pretax book income of $707,500. Tax depreciation exceeded book depreciation by $565,000. In addition, the company received $272,000 of tax-exempt municipal bond interest. The companys prior-year tax return showed taxable income of $62,000. Compute the companys book equivalent of taxable income. Use this number to compute the companys total income tax provision or benefit.

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