Gull Corporation reported pretax book income of $2,000,000.Included in the computation were favorable temporary differences of $300,000,unfavorable temporary differences of $200,000,and favorable permanent differences of $50,000.Assuming a tax rate of 34%,compute Gull's current income tax expense or benefit.

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The Answer of Gull Corporation reported pretax book income of $2,000,000.Included in the computation were favorable temporary differences of $300,000,unfavorable temporary differences of $200,000,and favorable permanent differences of $50,000.Assuming a tax rate of 34%,compute Gull's current income tax expense or benefit.

Gull Corporation Reported Pretax Book Income of $2,000,000