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Grand Corporation reported pretax book income of $627,000. Tax depreciation exceeded book depreciation by $418,000. In addition, the company received $313,500 of tax-exempt municipal bond

Grand Corporation reported pretax book income of $627,000. Tax depreciation exceeded book depreciation by $418,000. In addition, the company received $313,500 of tax-exempt municipal bond interest. The companys prior-year tax return showed taxable income of $52,250. Compute the company's current income tax expense or benefit

Current income tax
Deferred income tax

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