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Harrison Corporation reported pretax book income of $462,500. Tax depreciation exceeded book depreciation by $420,000. In addition, the company received $235,000 of tax-exempt municipal bond interest. The company’s prior year tax return showed taxable income of $72,000. Assuming a tax rate of 34 percent, compute the company’s deferred income tax expense or benefit.
May 25 2018 View more View Less
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