Purple Rose Corporation reported book income of $600,000. Book depreciation exceeded tax depreciation by $10,000 and the reserve for bad debt was decreased by $5,000. In addition, the company received $10,000 of tax-exempt municipal bond interest income and incurred $12,000 in nondeductible meals and entertainment expenses which are included in book income . The prior year tax return showed taxable income of $ 250,000 .

• Compute Corporate current Taxable income Tax Expenses or Benefit.
• Compute the current Deferred Income Tax Expenses or Benefit.

Please the calculation and computation must be shown.