Cullumber Corporation prepared the following reconciliation for its first year of operations: ...
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Accounting
Cullumber Corporation prepared the following reconciliation for its first year of operations:
| Pretax financial income for 2021 | $3300000 |
| Tax exempt interest | (162000) |
| Originating temporary difference | (474000) |
| Taxable income | $2664000 |
The temporary difference will reverse evenly over the next 2 years at an enacted tax rate of 30%. The enacted tax rate for 2021 is 20%. What amount should be reported in its 2021 income statement as the current portion of its provision for income taxes?
|
| $532800 |
|
| $799200 |
|
| $660000 |
|
| $990000 |
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