Which of the following statements best describes the objective(s) of ASC 740? Multiple Choice To compute a corporation's current income tax liability or benefit. To recognize deferred tax liabilities and assets. To report permanent differences in the balance sheet. Grand Corporation reported pretax 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 prio far tax return showed taxabl income of $50,000. Compute the company's current income tax expense or benefit. Note: Leave no answer blank, Enter N/A or zero