Grand Corporation reported pretax book income of $672,000. Tax depreciation exceeded book depreciation by $448,000. In addition, the company received $336,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $56,000. Grand's beginning book (tax) basis in its fixed assets was $2,120,000 ($1,896,000) and its ending book (tax) basis is $2,620,000 ($1,972,000). Compute the company's current income tax expense or benefit.

Grand Corporation reported pretax book income of $672,000. Tax depreciation exceeded book depreciation by $448,000. In addition, the company received $336,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $56,000. Grand's beginning book (tax) basis in its fixed assets was $2,120,000($1,896,000 ) and its ending book (tax) basis is $2,620,000 (\$1,972,000). Compute the company's current income tax expense or benefit. Note: Leave no answer blank. Enter N/A or zero