Grand River Corporation reported taxable income of $750,000 in 20X3 and paid federal income taxes of $262,500. Not included in the computation was a disallowed meals and entertainment expense of $3,400, tax-exempt income of $2,400, and deferred gain on an installment sale of $32,000. The corporation's current earnings and profits for 20X3 would be: $489,900. $518,500. $779,600. $750,000.