Woodward corporation reported pretax book income of $1,417,500. included in the computation were favorable temporary differences of $300,000, unfavorable temporary differences of $106,500, and favorable permanent differences of $192,000. assuming a tax rate of 34 percent, compute the company’s current income tax expense or benefit. (amounts to be deducted should be indicated by a minus sign.)

pre-tax book income
favorable temporary differences
unfavorable temporary differences
favorable permanent differences
taxable income
tax rate%

The company’s current income tax expense or benefit is $350,880.

Explanation:

Pre-tax book income                                                             $ 1417500

Favorable temporary differences                                         -$300000

Unfavorable temporary differences                                      $106500

Favorable permanent differences                                         -$192000

Taxable income                                                                       $1032000

Current income tax expense ($1032000 x 34%)                    $350880

Therefore, The company’s current income tax expense or benefit is $350,880.

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