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  3. cass corporation reported pre-tax book income of $

Cass Corporation reported pre-tax book income of $11,000,000. During the current year, the reserve for...

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Accounting

Cass Corporation reported pre-tax book income of $11,000,000. During the current year, the reserve for bad debts increased by $100,000. In addition, tax depreciation exceeded book depreciation by $200,000. Cass Corporation sold a fixed asset and reported book gain of $25,000 and tax gain of $75,000. Finally, the company received $250,000 of tax-exempt life insurance proceeds from the death of one of its officers. Assuming a tax rate of 21%, compute the companys current income tax expense or benefit. (Enter the answer as a positive.)

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