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Based upon the following facts of Fred, Inc., calculate Fred's adjusted current earnings (ACE):
Based upon the following facts of Fred, Inc., calculate Fred's adjusted current earnings (ACE):Alternative minimum taxable income (AMTI) $7,220,000Municipal bond interest 630,000Expenses related to municipal bonds 61,000Key employee life insurance proceeds in excess of cash surrender value 2,000,000Increase in LIFO recapture amount 170,000Organization expense amortization 200,000Cost of goods sold 4,922,000Advertising expenses 631,000Loss between related parties 230,000Life insurance premiums paid on key person policy 310,000521,014Adjusted current earnings is $
