Eastern Publishers Ltd (EPL) is preparing its December 31, 2020 year-end financial statements. EPL focuses on corporate clients by binding and publishing corporate directories, policy manuals, and other large documents along with publishing short novels and books. This is the first year of operations, and a preliminary estimate of pre-tax net income has been calculated as follows:

Revenue $5,278,500

Cost of goods sold 2,216,970

Gross margin 3,061,530

Operating costs

Advertising 75,485

Amortization 250,000

Bank charges 15,500

Contracted services 17,500

Lease expense 14,525

Meals and entertainment 78,000

Repairs 25,000

Supplies 57,250

Telephone 12,500

Travel 7,850

Utilities 254,800

Warranty 37,500

Wages and benefits 275,000

Total operating costs 1,120,910 Pre-tax net income $1,940,620

EPL has an average tax rate of 35% and an incremental borrowing rate of 10%. EPL follows ASPE.

Calculate the current tax expense of EPL.