Compute the companys current income tax expense or benefit, Accounting Basics

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Compute the companys current income tax expense or benefit

Problem

Grand Corporation reported pretax book income of $610,000. Tax depreciation exceeded book depreciation by $520,000. In addition, the company received $255,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $64,000. Compute the company's current income tax expense or benefit.

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Accounting Basics: Compute the companys current income tax expense or benefit

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