Question
Grand 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
Grand 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 companys prior-year tax return showed taxable income of $36,000. Compute the companys current income tax expense or benefit.
Current income tax benefit:
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Financial Accounting An International Introduction
Authors: David Alexander, Christopher Nobe
6th Edition
1292102993, 978-1292102993
