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Problem 14-42 (LO. 1,3,4) Kantner, Inc., is a domestic corporation with the following balance sheet for book and tax purposes at the end of the

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Problem 14-42 (LO. 1,3,4) Kantner, Inc., is a domestic corporation with the following balance sheet for book and tax purposes at the end of the year. Based on this Kantner, Inc., is a domestic corporation with the following temporary timing differences for the current year: - The building depreciation for tax purposes exceeds book depreciation by $3,000. - The furniture and fixtures depreciation for tax purposes exceeds book depreciation by $1,600. - The accrued warranty expenses in the amount of $10,000 are deductible for book purposes but not yet deductible for tax. The book-tax basis differences for the deferred assets and liabilities are listed below. In addition to the temporary differences, Kantner reported two permanent differences between book and taxable income. It earned $7,800 in tax-exempt municipal bond interest, and reported $850 of nondeductible business meals expense. Kantner's book income before tax is $50,000. Assume a 21% Federal corporate tax rate, no state or foreign taxes, and no need for a valuation allowance. Compute Kantner's total provision for income tax expense reported in its financial statements and its book net income after tax. If required, round your computations to the nearest dollar

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