Grand Corporation reported pretax book income of $639,000. Tax depreciation exceeded book depreciation by $426,000. In addition, the company received $319,500 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $53,250. Compute the company's current income tax expense or benefit. (Leave no answer blank. Enter N/A or zero.) Current income tax Deferred income tax N/A benefit 22,365
Grand Corporation reported pretax book income of $639,000. Tax depreciation exceeded book depreciation by $426,000. In addition, the company received $319,500 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $53,250. Compute the company's current income tax expense or benefit. (Leave no answer blank. Enter N/A or zero.) Current income tax Deferred income tax N/A benefit 22,365
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 56P
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![Grand Corporation reported pretax book income of $639,000. Tax depreciation exceeded book
depreciation by $426,000. In addition, the company received $319,500 of tax-exempt municipal bond
interest. The company's prior-year tax return showed taxable income of $53,250. Compute the
company's current income tax expense or benefit. (Leave no answer blank. Enter N/A or zero.)
Current income tax
Deferred income tax
N/A
benefit
$ 22,365](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb4b64444-6b25-4f28-8fdc-7c36b1b60cc3%2F7974e26a-e20d-492d-b400-3afe44cae8b2%2Fu5igfem_processed.png&w=3840&q=75)
Transcribed Image Text:Grand Corporation reported pretax book income of $639,000. Tax depreciation exceeded book
depreciation by $426,000. In addition, the company received $319,500 of tax-exempt municipal bond
interest. The company's prior-year tax return showed taxable income of $53,250. Compute the
company's current income tax expense or benefit. (Leave no answer blank. Enter N/A or zero.)
Current income tax
Deferred income tax
N/A
benefit
$ 22,365
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