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Grand Corporation reported pretax book income of $720,000. Tax depreciation exceeded book depreciation by $440,000....

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Accounting

Grand Corporation reported pretax book income of $720,000. Tax depreciation exceeded book depreciation by $440,000. In addition, the company received $350,000 of tax-exempt municipal bond interest. The companys prior-year tax return showed taxable income of $58,000. Compute the company's current or deferred income tax expense or benefit.

Deferred income tax benefit $-------------------------------?

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