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Grand Corporation reported pretax book income of $645,000. Tax depreciation exceeded book depreciation by $430,000. In addition, the company received $322,500 of taxexempt municipal bond
Grand Corporation reported pretax book income of $645,000. Tax depreciation exceeded book depreciation by $430,000. In addition, the company received $322,500 of taxexempt municipal bond interest. The company's prior-year tax return showed taxable income of $53,750. Compute the company's current income tax expense or benefit. Note: Leave no answer blank. Enter N/A or zero Step by Step Solution
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Auditing And Assurance Services
Authors: Timothy Louwers, Penelope Bagley, Allen Blay, Jerry Strawser, Jay Thibodeau
9th International Edition
1266285997, 978-1266285998
