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

Thornton, Inc., had taxable income of $129632 for the year. The company's marginal tax rate was 34 percent and its average tax rate was 24.7 percent. How much did the company have to pay in taxes for the year? a.30432 b.44075 c.30776 d.29074

Tetra Corp, an IFRS reporter, has the deferred tax assets and liabilities presented below: Item Classification on the Balance Sheet of Related Account Deferred Tax Associated with Item Excess of warranty expense over warranty deductions Current $69,000 Asset Accelerated depreciation for tax purposes Noncurrent $79,000 Liability Installment sales receivable Current $39,000 Liability Contingent liability Current $29,000 Asset What will the company report for deferred taxes on the balance sheet? Group of answer choices noncurrent assets: deferred tax asset $20,000 noncurrent liabilities: deferred tax liability $20,000 current assets: deferred tax asset $59,000; noncurrent liabilities: deferred tax liability $79,000 Companies do not report deferred taxes on the balance sheet under IFRS.

None