RECOMMENDED!!Grand River Corporation reported taxable income

  

Grand River Corporation reported taxable income of $600,000 in 20X3 and paid federal income taxes of $210,000. Not included in the computation was a disallowed meals and entertainment expense of $3,100, tax-exempt income of $2,100, and deferred gain on an installment sale of $30,500. The corporation’s current earnings and profits for 20X3 would be:

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