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Cass Corporation reported pretax book income of $ 8 , 7 0 0 , 0 0 0 . During the current year, the reserve for
Cass Corporation reported pretax book income of $ During the current year, the reserve for bad debts increased by $ In addition, tax depreciation exceeded book depreciation by $ Cass Corporation sold a fixed asset and reported book gain of $ and tax gain of $ Finally, the company received $ of taxexempt life insurance proceeds from the death of one of its officers. Compute the company's current income tax expense or benefit.
Note: Round your final answer to nearest whole dollar amount. Amounts to be deducted should be indicated by a minus sign.
Pre taxbook income:
Bad Debt reserve:
Depreciation:
Fixed asset gain:
Taxexempt life insurance proceeds:
Taxable income:
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