Grand Corporation reported pretax book income of $621,000. Tax depreciation exceeded book depreciation by $414,000. In addition, the company received $310,500 of tax-exempt municipal bond interest. The company’s prior-year tax return showed taxable income of $51,750. Compute the company's current income tax expense or benefit. (Leave no answer blank. Enter N/A or zero.) Current income tax N/A $0 Deferred income tax Expense ?
Grand Corporation reported pretax book income of $621,000. Tax
Compute the company's current income tax expense or benefit. (Leave no answer blank. Enter N/A or zero.)
Current income tax N/A $0
Income tax refers to the amount charged by the government to individuals and organizations on the income earned by them in a specific period of time. Deferred tax liability is a future tax payment that a company expects to be made in case of difference arises in anticipated tax.
Step by step
Solved in 2 steps
