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. Compute Gull's current income tax expense or benefit.
Note: New Corporate income tax rate has been mentioned as "21% on all taxable income" as per the recent change.

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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. Compute Gull's current income tax expense or benefit.
Note: New Corporate income tax rate has been mentioned as "21% on all taxable income" as per the recent change.

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