Harrison Corporation reported pretax book income of $825,000. Tax depreciation exceeded book depreciation by $560,000. In...
Harrison Corporation reported pretax book income of $825,000. Tax depreciation exceeded book depreciation by $560,000. In addition, the company received $315,000 of tax-exempt municipal bond interest. The company’s prior-year tax return showed taxable income of $25,000. Assuming a tax rate of 21 percent, compute the company’s deferred income tax expense or benefit.
Homework Answers
| Computation of Deferred Tax Expense or Benefit | |
| Tax Depreciation exceeded by book depreciation | $560,000.00 |
| Less: Taxable income of Prior year | -$25,000.00 |
| Increase in Temporary Difference | $535,000.00 |
| Tax rate | 21% |
| Deferred Income Tax Expense (535000*21%) | $112,350.00 |
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Harrison Corporation reported pretax book income of $825,000.
Tax depreciation exceeded book depreciation by $560,000. In...
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Harrison Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In...
Harrison Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In addition, the company received $300,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $50,000. Compute the company's deferred income tax expense or benefit. Deferred income tax expense $ 0
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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. Compute the company's deferred income tax expense or benefit. Deferred Income tax expense
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Grand Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In addition, the company received $300,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $50,000. Compute the company's current or deferred income tax expense or benefit. Answer is complete but not entirely correct. Deferred income tax benefit $ 10,500
Harrison Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In addition, the company received $300,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $50,000. Compute the company's deferred income tax expense or benefit. Deferred income tax expense
Harrison Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In addition, the company received $300,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $50,000. Compute the company's deferred income tax expense or benefit. Deferred income tax expense $ 0
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Harrison Corporation reported pretax book income of $807,500. Tax depreciation exceeded book depreciation by $690,000. In addition, the company received $160,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $36,000. Compute the company's deferred income tax expense or benefit. E Deferred income tax benefit Deferred income tax benefit Deferred income tax expense
Grand Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In addition, the company received $300,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $50,000. Compute the company's current or deferred income tax expense or benefit. Answer is complete but not entirely correct. Deferred income tax benefit $ 10,500
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