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Grand River Corporation reported pretax book income of $500,000. Included in the computation were favorable...

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Accounting

Grand River Corporation reported pretax book income of $500,000. Included in the computation were favorable temporary differences of $100,000, unfavorable temporary differences of $10,000, and favorable permanent differences of $80,000. The corporation's current income tax expense or benefit would be:

Multiple Choice

  • $105,000 tax benefit.

  • $88,200 tax expense.

  • $86,100 tax benefit.

  • $69,300 tax expense.

Smith Company reported pretax book income of $400,000. Included in the computation were favorable temporary differences of $50,000, unfavorable temporary differences of $20,000, and favorable permanent differences of $40,000. Smith's deferred income tax expense or benefit would be:

Multiple Choice

  • net deferred tax expense of $6,300.

  • net deferred tax benefit of $6,300.

  • net deferred tax benefit of $14,700.

  • net deferred tax expense of $14,700.

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