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Grand Corporation reported pretax book income of $545,000. Tax depreciation exceeded book depreciation by $435,000. In addition, the company received $225,000 of tax-exempt municipal bond
Grand Corporation reported pretax book income of $545,000. Tax depreciation exceeded book depreciation by $435,000. In addition, the company received $225,000 of tax-exempt municipal bond interest. The companys prior-year tax return showed taxable income of $70,000. Compute the company's current and deferred income tax expense or benefit. (Leave no answer blank. Enter N/A or zero.)
Current income tax N/A $0
Deferred income tax expense _________?
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