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Harrison Corporation reported pretax book income of $516,000. Tax depreciation exceeded book depreciation by $425,000. In addition, the company received $175,000 of tax-exempt municipal bond
Harrison Corporation reported pretax book income of $516,000. Tax depreciation exceeded book depreciation by $425,000. In addition, the company received $175,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $42,000. Assuming a tax rate of 21 percent, compute the company's deferred income tax expense or benefit. Assume CARES Act applies. Answer is complete but not entirely correct. Deferred income tax expense 8.820
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