Required information [The following information applies to the questions displayed below] Randolph Company reported pretax net income from continuing operations of $1,116,500 and taxable income of $687,500. The booktax difference of $429,000 was due to a $247,000 favorable temporary difference relating to depreciation, an unfavorable temporary difference of$99,000 due to an increase in the reserve for bad debts, and a $281,000 favorable permanent difference from the receipt of life insurance proceeds. 3. Compute Randolph Company's current income tax expense