Grand River Corporation reported taxable income of $550,000 in 2021 and paid federal income taxes of $115,500. Not included in the computation were a disallowed meals and entertainment expense of $15,000 and tax-exempt income of $20,000. Included in the computation of taxable income was a dividends received deduction of $30,500 and MACRS depreciation deduction of $75,000. According to E&P deprecation should be $45,000 The corporation's current earnings and profits for 2021 would be: