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Grand Corporation reported pretax book income of $657,000. Tax Depreciation exceeded book depreciation by $438,000. In addition, the company received $328,500 of tax-exempt municipal Bond

Grand Corporation reported pretax book income of $657,000. Tax Depreciation exceeded book depreciation by $438,000. In addition, the company received $328,500 of tax-exempt municipal Bond interest. The company's prior year tax return showed taxable income of $54,750. Assuming a tax rate of 21%, compute the company's current income tax expense or benefit.

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