Based on the following facts, calculate adjusted current earnings (ACE).

Alternative minimum taxable income (AMTI before ACE adjustment) ....$5,120,000

Municipal bond interest ........................ 630,000

Expenses related to municipal bonds ................... 50,000

Key employee life insurance proceeds in excess of

cash surrender value ......................... 2,000,000

Organization expense amortization ................... 100,000

Cost of goods sold ........................ 6,220,000

Advertising expenses ....................... 760,000

Loss between related parties .................... 260,000

Life insurance premiums paid .................... 300,000