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Problem 3-34 (LO. 2) Relix, Inc., is a domestic corporation with the following balance sheet for book and tax purposes at the end of the year before recording any net deferred tax asset or net deferred tax liability. Tax Debit/(Credit) Book Debit/Credit) Assets Cash $500 $500 Accounts receivable 8,000 8,000 750,000 750,000 Buildings Accumulated depreciation Furniture and fixtures Accumulated depreciation Total assets (450,000) 70,000 (46,000) (380,000) 70,000 (38,000) $332,500 $410,500 Liabilities Accrued litigation expense Note payable (78,000) ($78,000) ($50,000) (78,000) ($128,000) Total liabilities Stockholders' Equity Paid-in capital Retained earnings ($10,000) (244,500) ($332,500) ($10,000) (272,500) ($410,500) Total liabilities and stockholders' equity The beginning of the year book-tax basis difference is listed below for the deferred tax asset. Beginning of Year $34,000 Accrued litigation expense The beginning of the year book-tax basis differences are listed below for the deferred tax liabilities. Beginning of Year ($57,000) Building-accumulated depreciation Furniture and fixtures, accumulated depreciation (4,200) ($61,200) Subtotal In addition to the temporary differences above, Relix reported two permanent differences between book and taxable income. It earned $2,375 in tax-exempt municipal bond interest, and it incurred $780 in nondeductible business meals expense. Relix's book income before tax is $4,800. Assume a 21% Federal corporate tax rate and no valuation allowance. With this additional information, calculate Relix's current tax expense. Compute Relix's current tax expense. If required, round your answers to the nearest dollar. Pre-tax book income $4,800 Book-tax adjustments Permanent items tax-exempt income nondeductible business meals Temporary Differences building depreciation furniture and fixtures depreciation accrued litigation expenses Taxable income Current tax expense 4.800