Grand River Corporation reported taxable income of $550,000 in 20X3 and paid federal income taxes of $198,000. Not included in the computation was a disallowed meals and entertainment expense of $4,000, tax-exempt income of $3,000, and deferred gain on a current year transaction treated as an installment sale of $35,000. The corporation's current earnings and profits for 20X3 would be:

A. $582,000.

B. $550,000.

C. $386,000.

D. $355,000.