Based upon the following facts of Fred, Inc., calculate adjusted current earnings (ACE): Alternative minimum taxable income (AMTI) $7,220,000 Municipal bond interest 630,000 Expenses related to municipal bonds 61,000 Key employee life insurance proceeds in excess of cash surrender value 2,000,000 Increase in LIFO recapture amount 170,000 Organization expense amortization 200,000 Cost of goods sold 4,922,000 Advertising expenses 631,000 Loss between related parties 230,000 Life insurance premiums paid on key person policy 310,000 Administrative expenses 521,014