Based upon the following facts of Angela, Inc., calculate adjusted current earnings (ACE):Alternative minimum taxable income: $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: 100,000Cost of goods sold: 4,922,000Advertising expenses: 631,000Loss between related parties: 230,000Life insurance premiums paid on key person policy: 290,000Administrative expenses: 521,000
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