QUESTION 7 Ann Corporation reported pre-tax book income of $1,100,000. Included in the computation were favorable temporary differences of $200,000, unfavorable temporary differences of $50,000, and favorable permanent differences of $90,000. Determine the Company's book equivalent of taxable income and use this number to compute the Company's total income tax provision or benefit, assuming a tax rate of 21%. QUESTION 8 Burcham Corporation reported pre-tax book income of $500,000. Tax depreciation exceeded book depreciation by $400,000. In addition, the Company received $290,000 of tax-exempt municipal bond interest. The Company's prior year tax return showed taxable income of $50,000. Determine the Company's book equivalent of taxable income and use this number to compute the Company's total income tax provision or benefit, assuming a tax rate of 21%. 2 points 2 points