Current and deferred income tax expense or benefit

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Reference no: EM131204070

Stone Corporation reported pretax book income of $1,020,000 in 2015. Tax depreciation exceeded book depreciation by $302,000. In addition, the reserve for bad debts decreased by $60,000. Stone had a net deferred tax asset of $31,000 at the beginning of the year, representing a net deductible temporary difference of $102,000. During the year, the company's tax rate increased from 29% to 30%. Compute the Company's current and deferred income tax expense or benefit for 2015.

Reference no: EM131204070

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