Question
Hi i need help with this assingment Cass Corporation reported pretax book income of $10,000,000.During the current year, the reserve for bad debts increased by
Hi i need help with this assingment
Cass Corporation reported pretax book income of $10,000,000.During the current year, the reserve for bad debts increased by $100,000.In addition, tax depreciation exceeded book depreciation by $200,000.Cass Corporation sold a fixed asset and reported book gain of $50,000 and tax gain of $75,000.Finally, the company received $250,000 of tax-exempt life insurance proceeds from the death of one of its officers. Assuming a tax rate of 34 percent, compute the companys current income tax expense or benefit.(Amounts to be deducted should be indicated by a minus sign.)
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