Vinubhai Grand Corporation reported pretax book income of $639,000. Tax depreciation exceeded bookdepreciation by $426,000. In addition, the company received $319,500 of tax-exempt municipal bondinterest. The company's prior-year tax return showed taxable income of $53,250. Compute thecompany's current income tax expense or benefit. (Leave no answer blank. Enter N/A or zero.)Current income taxDeferred income taxN/Abenefit$ 22,365

The following computations are done as per the information provided.

Grand Corporation reported pretax book income of $639,000. Tax depreciation exceede lepreciation by $426,000. In addition, the company received $319,500 of tax-exempt m nterest. The company's prior-year tax return showed taxable income of $53,250. Compu company's current income tax expense or benefit. (Leave no answer blank. Enter N/A o