ABC started its operations in 2018 and reported income before tax expense of $550,000 under GAAP. Tax depreciation for the year exceeded GAAP depreciation by $50,000 which is the only item that created a temporary difference between book (GAAP) and taxable income. Assume that the tax rate 30% will stay the same for the current and future periods. What is the current tax expense reported in the GAAP income statement for 2018 (show work)?

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