Harrison corporation reported pretax book income of 732500


Question - Harrison Corporation reported pretax book income of $732,500. Tax depreciation exceeded book depreciation by $630,000. In addition, the company received $232,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $49,000. Assuming a tax rate of 34 percent, compute the company's deferred income tax expense or benefit.

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Accounting Basics: Harrison corporation reported pretax book income of 732500
Reference No:- TGS02506995

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