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Grand Corporation reported pretax book income of $752,500. Tax depreciation exceeded book depreciation by $620,000. In addition, the company received $320,000 of tax-exempt municipal bond

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Grand Corporation reported pretax book income of $752,500. Tax depreciation exceeded book depreciation by $620,000. In addition, the company received $320,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $117,000. Compute the company's current and deferred income tax expense or benefit. (Leave no answer blank. Enter N/A or zero.) N/A $ 0 Current income tax Deferred income tax benefit

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