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Grand Corporation reported pretax book income of $639,000. Tax depreciation exceeded b lepreciation by $426,000. In addition, the company received $319,500 of tax-exempt munic nterest. The company's prior-year tax return showed taxable income of $53,250. Compute t company's current income tax expense or benefit. (Leave no answer blank. Enter N/A or ze

Grand Corporation reported pretax book income of $639,000. Tax depreciation exceeded b lepreciation by $426,000. In addition, the company received $319,500 of tax-exempt munic nterest. The company's prior-year tax return showed taxable income of $53,250. Compute t company's current income tax expense or benefit. (Leave no answer blank. Enter N/A or ze

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Grand Corporation reported pretax book income of $639,000. Tax depreciation exceeded book depreciation by $426,000. In addition, the company received $319,500 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $53,250. Compute the company's current income tax expense or benefit. (Leave no answer blank. Enter N/A or zero.) Current income tax Deferred income tax N/A benefit $ 22,365
Transcribed Image Text:Grand Corporation reported pretax book income of $639,000. Tax depreciation exceeded book depreciation by $426,000. In addition, the company received $319,500 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $53,250. Compute the company's current income tax expense or benefit. (Leave no answer blank. Enter N/A or zero.) Current income tax Deferred income tax N/A benefit $ 22,365
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