Grand River Corporation reported taxable income of $400,000 in 20X3 and paid federal income taxes...
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Grand River Corporation reported taxable income of $400,000 in 20X3 and paid federal income taxes of $136,000. Not included in the computation was a disallowed meals and entertainment expense of $2,700, tax-exempt income of $1,700, and deferred gain on a current year transaction treated as an installment sale of $28,500. The corporation's current earnings and profits for 20X3 would be:
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