Burcham Corporation reported pretax book income of $710,000. Tax depreciation exceeded book depreciation by $525,000. In addition, the company received $305,000 of tax-exempt municipal bond interest. The companys prior-year tax return showed taxable income of $69,000. Compute the companys book equivalent of taxable income. Use this number to compute the companys total income tax provision or benefit.

Book Equivalent of taxable income=

total income tax provision or benefit=