In 2020, when the enacted tax rate for the current and all future periods was 30.5%, Garza Corp. had a taxable loss of $481,000 and elected to use the net operating loss carryforward provision.
In 2021, the tax rate changed to 29.0% for the current and all future periods, and Garza reported taxable income of $255,000.
In 2022, Garza reported taxable income of $696,000. Garza has no book-tax differences.
What amount will Garza report as current income tax expense on its 2022 income statement?