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28 Sep 2019
Harrison Corporation reported pretax book income of $425,000.Tax depreciation exceeded book depreciation by $410,000. Inaddition, the company received $165,000 of tax-exempt municipalbond interest. The companyâs prior year tax return showed taxableincome of $103,000. Assuming a tax rate of 34 percent, compute thecompanyâs deferred income tax expense or benefit.
Answer is not $139,400.
Harrison Corporation reported pretax book income of $425,000.Tax depreciation exceeded book depreciation by $410,000. Inaddition, the company received $165,000 of tax-exempt municipalbond interest. The companyâs prior year tax return showed taxableincome of $103,000. Assuming a tax rate of 34 percent, compute thecompanyâs deferred income tax expense or benefit.
Answer is not $139,400.
Hubert KochLv2
28 Sep 2019
