Solution-Costellos deferred income tax expense or benefit

Costellos deferred income tax expense or benefit would be

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Costello Corporation reported pretax book income of $501,700. During the current year, the reserve for bad debts increased by $8,400. In addition, tax depreciation exceeded book depreciation by $41,700.

Finally, Costello received $3,850 of tax-exempt life insurance proceeds from the death of one of its officers. Costello's deferred income tax expense or benefit would be:

Reference no: EM132317371

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Costellos deferred income tax expense or benefit would be : Costello Corporation reported pretax book income of $501,700. During the current year, the reserve for bad debts increased by $8,400.

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Costellos deferred income tax expense or benefit would be

Reference no: EM132317371

Reference no: EM132317371

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