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The Unknown Company (Permanent Tax Differences): A company owns a municipal bond that pays $30,000 interest annually. The company's financial reporting (book) income before income

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The Unknown Company (Permanent Tax Differences): A company owns a municipal bond that pays $30,000 interest annually. The company's financial reporting (book) income before income taxes and munici- pal bond interest is $200,000, which is also equal to the company's taxable income interest on the municipal bond is not taxable). The company's statutory income tax rate is 30%. Calculate the company's current income tax payable to the taxing authority, its financial reporting or book income before income taxes and provision for income taxes, and its effective income tax rate

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