Stone Corporation reported pretax book income of $1,000,000 in 2017.Tax depreciation exceeded book depreciation by $300,000.In addition,the reserve for bad debts decreased by $50,000.Stone had a net deferred tax asset of $29,000 at the beginning of the year,representing a net deductible temporary difference of $100,000.During the year,the company's tax rate increased from 29% to 30%.Compute the Company's current and deferred income tax expense or benefit for 2017.

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The Answer of Stone Corporation reported pretax book income of $1,000,000 in 2017.Tax depreciation exceeded book depreciation by $300,000.In addition,the reserve for bad debts decreased by $50,000.Stone had a net deferred tax asset of $29,000 at the beginning of the year,representing a net deductible temporary difference of $100,000.During the year,the company's tax rate increased from 29% to 30%.Compute the Company's current and deferred income tax expense or benefit for 2017.

Stone Corporation Reported Pretax Book Income of $1,000,000 in 2017