Problem 17-43 (LO 17-2) (Algo) Grand Corporation reported pretax book income of $720,000. Tax depreciation exceeded book depreciation by $440,000. In addition, the company received $350,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $58,000. Compute the company's current and deferred income tax expense or benefit. (Leave no answer blank. Enter N/A or zero.) Current income tax Deferred income tax N/A expense $ $ 0 12,180
Problem 17-43 (LO 17-2) (Algo) Grand Corporation reported pretax book income of $720,000. Tax depreciation exceeded book depreciation by $440,000. In addition, the company received $350,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $58,000. Compute the company's current and deferred income tax expense or benefit. (Leave no answer blank. Enter N/A or zero.) Current income tax Deferred income tax N/A expense $ $ 0 12,180
Chapter14: Taxes On The Financial Statements
Section: Chapter Questions
Problem 37P
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Transcribed Image Text:Problem 17-43 (LO 17-2) (Algo)
Grand Corporation reported pretax book income of $720,000. Tax depreciation exceeded book depreciation by $440,000. In addition,
the company received $350,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income
of $58,000. Compute the company's current and deferred income tax expense or benefit. (Leave no answer blank. Enter N/A or
zero.)
Current income tax
Deferred income tax
N/A
expense
$
$
0
12,180
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