Grand river corporation reported taxable income of $600,000 in 20x3 and paid federal income taxes of $204,000. not included in the computation was a disallowed meals and entertainment expense of $2,200, tax-exempt income of $1,200, and deferred gain on an installment sale of $26,000. the corporation's current earnings and profits for 20x3 would be:

$625,000

Explanation:

The Grand River Corporation current earnings and profits for 20X3 would be calculated as follow:

Taxable income                                                                               $600,000

Less: Disallowed meals and entertainment expense of              ($2,200)

Add: Tax-exempt income of                                                           $1,200

Add: Deferred gain on an installment sale of                               $26,000

Corporation current earnings and profit:                                       $625,000

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