LO.2 BellCo, Inc., earns pretax book net income of $500,000 in 2010. BellCo acquires a depreciable asset in 2010, and first-year tax depreciation exceeds book depreciation by

$50,000. BellCo has no other temporary or permanent differences. Assuming the U.S. tax rate is 35%, compute BellCo’s total income tax expense, current income tax expense, and deferred income tax expense.