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Grand Corporation reported pretax book income of $654,000. Tax depreciation exceeded book depreciation by $436,000. In addition, the company received $327,000 of tax-exempt municipal bond
Grand Corporation reported pretax book income of $654,000. Tax depreciation exceeded book depreciation by $436,000. In addition, the company received $327,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $54,500. Compute the company's current income tax expense or benefit. (Leave no answer blank. Enter N/A or zero.) Current income tax Deferred income tax
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