Cass Corporation reported pretax book income of $10,000,000. During the current year, the reserve for bad debts increased by $100,000. In addition, tax depreciation exceeded book depreciation by $200,000. Cass Corporation sold a fixed asset and reported book gain of $50,000 and tax gain of $75,000. Finally, the company received $250,000 of tax-exempt life insurance proceeds from the death of one of its officers. Compute the company's current income tax expense or benefit. (Amounts to be deducted should be indicated by a minus sign.) Answer is not complete. Pretax book income Increase in bad debt reserve Excess tax depreciation Excess tax over book gain Tax-exempt life insurance proceeds Taxable income $ 10,000,000 100,000 (200,000) (75,000) (250,000) $ 675,000 $ 21 $ 229,500 Tax rate %