munabhai

Grand Corporation reported pretax book income of $663,000. Tax depreciation exceeded book depreciation by $442,000. In addition, the company received $331,500 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $55,250. Grand's beginning book (tax) basis in its fixed assets was $2,105,000($1,884,000 ) and its ending book (tax) basis is $2,605,000($1,963,000). Compute the company's current income tax expense or benefit. Note: Leave no answer blank. Enter N/A or zero