References

Grand Corporation reported pretax book income of $$633,000.$ Tax depreciation exceeded book depreciation by $$422,000.$ In addition,

the company received $$316,500$ of tax$-$exempt municipal bond interest. The company's prior$-$year tax return showed taxable income of

$$52,750.$ Grand's beginning book $($tax$)$ basis in its fixed assets was $$2,055,000($$$1,844,000)$ and its ending book $($tax$)$ basis is

$$2,555,000($$$1,933,000).$ Compute the company's current income tax expense or benefit.

Note: Leave no answer blank. Enter N$/$A or zero.