During 2021, Palm Corporation reported pretax book income of $675,000. Tax depreciation exceeded book depreciation by $45,000. In addition, the company received $10,000 of like insurance proceeds from the death of an officer. The company expensed $22,000 of stock compensation for financial purposes; however, there were no exercises during the year. Compute Palm Corporation's current income tax expense or benefit, and the record the corresponding journal entry to record the current income tax provision.

Instructions: Esing the information provided about Palm Corp, calculate the Current Income Tax- Expense or Benefit, and record the Corresponding journal entry to record the current provision