Randolph Company reported pretax net income from continuing operations of $776,000 and taxable income of...
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Randolph Company reported pretax net income from continuing operations of $776,000 and taxable income of $570,000. The booktax difference of $206,000 was due to a $268,000 favorable temporary difference relating to depreciation, an unfavorable temporary difference of $166,000 due to an increase in the reserve for bad debts, and a $104,000 favorable permanent difference from the receipt of life insurance proceeds.
Compute Randolph Companys current income tax expense
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