McDonalds reported current year pretax book income of $365,000. Included in the computation were favorable temporary differences of $13,750, unfavorable temporary differences of $97,000, and unfavorable permanent differences of $45,000. McDonalds' current income tax expense or benefit would be

the current income tax expense or benefit is $103,583

Explanation:

The computation of the current income tax expense or benefit is shown below:

Current income tax expense is

= (pre - tax book income - favourable temporary difference + unfavorable temporary difference + unfavourable permanent difference) × tax rate

= ($365,000 - $13,750 + $97,000 + $45,000) × 21%

= $493,250 × 21%

= $103,583

We assumed the tax rate be 21%

hence, the  current income tax expense or benefit is $103,583

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