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Find the companys current income tax expense or benefit

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Grand Corporation reported pretax book income of $807,500. Tax depreciation exceeded book depreciation by $690,000. In addition, the company received $160,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $36,000. Compute the company's current income tax expense or benefit.

Reference no: EM132405078

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