QUESTION 3 Grand Corporation reported pre-tax book 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 $35,000. Assuming a tax rate of 21%, compute the company's current income tax expense or benefit. (Enter the answer as a positive.) QUESTION 4 Chandler Corporation reported pre-tax book income of $2,100,000. Tax depreciation exceeded book depreciation by $400,000. During the year the Company capitalized $250,000 into ending inventory under $263A. Capitalized inventory costs of $150,000 in beginning inventory were deducted as part of cost of goods sold on the tax return. Assuming a tax rate of 21%, compute the company's taxes payable or refundable. 2 points Save Answer 2 points Save Answer