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Grand Corporation reported pretax book income of $639,000. Tax depreciation exceeded book depreciation by $426,000....

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Accounting

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. Grand's beginning book (tax) basis in its fixed assets was $2,065,000$1,852,000) and its ending book (tax) basis is
$2,565,000( $1,939,000). Compute the company's current income tax expense or benefit.
Note: Leave no answer blank. Enter N/A or zero.
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