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Grand Corporation reported pretax book income of $710,000. Tax depreciation exceeded book depreciation by $525,000. In addition, the company received $305,000 of tax-exempt municipal bond
Grand Corporation reported pretax book income of $710,000. Tax depreciation exceeded book depreciation by $525,000. In addition, the company received $305,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $69,000. Compute the company's current income tax expense or benefit. Answer is complete but not entirely correct. Current income tax benefit10,710 Shaw Corporation reported pretax book income of $1,270,000. Included in the computation were favorable temporary differences of $225,000, unfavorable temporary differences of $128,000, and favorable permanent differences of $140,000. Compute the company's deferred income tax expense or benefit. Answer is complete but not entirely correct. Deferred income tax expense $ (65,960) Harrison Corporation reported pretax book income of $807,500. Tax depreciation exceeded book depreciation by $690,000. In addition, the company received $160,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $36,000. Compute the company's deferred income tax expense or benefit
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