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Grand Corporation reported pretax book income of $672,500. Tax depreciation exceeded book depreciation by $550,000....

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Accounting

Grand Corporation reported pretax book income of $672,500. Tax depreciation exceeded book depreciation by $550,000. In addition, the company received $210,000 of tax-exempt municipal bond interest. The companys prior-year tax return showed taxable income of $55,000. Compute the company's current or deferred income tax expense or benefit.

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