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CARES Problem 17.43 (LO 17-2) (Algo) Grand Corporation reported pretax book Income of $684.000. Tax depreciation exceeded book depreciation by $456.000. In addition, the company
CARES Problem 17.43 (LO 17-2) (Algo) Grand Corporation reported pretax book Income of $684.000. Tax depreciation exceeded book depreciation by $456.000. In addition, the company recelved $342.000 of tax-exempt municipal bond Interest. The company's prior-year tax return showed taxable income of $57,000. Compute the company's current and deferred Income tax expense or benefit. Assume CARES Act applies. (Leave no answer blank. Enter N/A or zero.) Answer is complete but not entirely correct. Current income tax Deferred income tax benefit benefit $ S 0 % 0 %
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