Woodward Corporation reported pretax book income of $1,095,000. Included in the computation were favorable temporary differences of $255,000, unfavorable temporary differences of $78,000, and favorable permanent differences of $140,000. Compute the companys current income tax expense or benefit.

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Pretax book income	$1,095,000
Favorable temporary differences	(255,000)
Unfavorable temporary differences	78,000
Favorable permanent differences	(140,000)
Taxable income	778,000
Tax rate		%
	$1,556,000

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