Li Corporation reported pretax book income of $720,000. Tax depreciation exceeded book depreciation by $424,000....
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Li Corporation reported pretax book income of $ Tax depreciation exceeded book depreciation by $ Li's beginning book tax basis in its fixed assets was $$ and its ending book tax basis is $$ In addition, the company received $ of taxexempt municipal bond interest. The company's prioryear tax return showed taxable income of $ Assuming a tax rate of percent, compute the company's deferred income tax expense or benefit.
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