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Ann Corporation reported pretax book income of $1,920,000. Included in the computation were favorable temporary differences of $345,000, unfavorable temporary differences of $221,000, and favorable

Ann Corporation reported pretax book income of $1,920,000. Included in the computation were favorable temporary differences of $345,000, unfavorable temporary differences of $221,000, and favorable permanent differences of $115,000. Compute the companys book equivalent of taxable income. Use this number to compute the companys total income tax provision or benefit, assuming a tax rate of 34 percent.

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