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Problem 06-43 (LO 06-2) (Algo) Grand Corporation reported pretax book income of $654,000. Tax depreciation exceeded book depreciation by $436,000. In addition, the company received $327,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $54,500. Compute the company's current income tax expense or benefit. Note: Leave no answer blank. Enter N/A or zero. Answer is complete but not entirely correct. Current income tax Deferred income tax N/A 0 expense S 22,890

Problem 06-43 (LO 06-2) (Algo) Grand Corporation reported pretax book income of $654,000. Tax depreciation exceeded book depreciation by $436,000. In addition, the company received $327,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $54,500. Compute the company's current income tax expense or benefit. Note: Leave no answer blank. Enter N/A or zero. Answer is complete but not entirely correct. Current income tax Deferred income tax N/A 0 expense S 22,890

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I've tried it positive and negative. Tax rate is 21%

 
 
Problem 06-43 (LO 06-2) (Algo) Grand Corporation reported pretax book income of $654,000. Tax depreciation exceeded book depreciation by $436,000. In addition, the company received $327,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $54,500. Compute the company's current income tax expense or benefit. Note: Leave no answer blank. Enter N/A or zero. Answer is complete but not entirely correct. Current income tax Deferred income tax N/A 0 expense S 22,890
Transcribed Image Text:Problem 06-43 (LO 06-2) (Algo) Grand Corporation reported pretax book income of $654,000. Tax depreciation exceeded book depreciation by $436,000. In addition, the company received $327,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $54,500. Compute the company's current income tax expense or benefit. Note: Leave no answer blank. Enter N/A or zero. Answer is complete but not entirely correct. Current income tax Deferred income tax N/A 0 expense S 22,890
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