Question

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: _________

Answer 1

Answer yes

Explanation:

Answer 2

Answer:

$69,300 Tax expense

Explanation:

The corporation's current income tax expense is: ($500,000 – $100,000 + $10,000 – $80,000 = $330,000) × 21%.