QUESTION 3 Grand Corporation reported pre-tax book income of $600,000 Tax depreciation exceeded book depreciation...
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QUESTION 3 Grand Corporation reported pre-tax book income of $600,000 Tax depreciation exceeded book depreciation by $400,000. In addition, the company received $300,000 of tax-exempt municipal bond interest. The company's prior year tax return showed taxable income of $60,000. Assuming a tax rate of 21%, compute the company's current income tax expense or benefit (Enter the answer as a positive)
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