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Harrioson Corporation reported pretax b ook income of $600,000. Tax depreciation exceeded book depreciation by $400,000.In addition, the company received $300,000 of tax-exempt municipal bond
Harrioson Corporation reported pretax b ook income of $600,000. Tax depreciation exceeded book depreciation by $400,000.In addition, the company received $300,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $50,000. Assume a tax rate of 34%, compute the company's deferred income tax expense or benefit.
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