Burcham Corporation reported pretax book income of $720,000. Tax depreciation exceeded book depreciation by $440,000. In addition, the company received $350,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $58,000. Compute the company's book equivalent of taxable income. Use this number to compute the company's total Income tax provision or benefit Answer is complete but not entirely correct. Book equivalent of taxable income Total income tax provision or benefit $ 370,000 $ 129,500