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Grand Corporation reported pretax book income of $615,000. Tax depreciation exceeded book depreciation by $410,000. In addition, the company received $307,500 of tax-exempt municipal bond
Grand Corporation reported pretax book income of $615,000. Tax depreciation exceeded book depreciation by $410,000. In addition, the company received $307,500 of tax-exempt municipal bond interest. The companys prior-year tax return showed taxable income of $51,250. Compute the company's current income tax expense or benefit.
Current income tax N/A $ 0 Deferred income tax benefit
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