Saltine Incs income statement for its first year of operations shows pretax income of $9,000,000....
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Accounting
Saltine Incs income statement for its first year of operations shows pretax income of $9,000,000. In addition, the following differences existed between Saltine's tax return and records:
| Tax return | Accounting records | |
| Uncollectible accounts expense | $ 460,000 | $ 550,000 |
| Depreciation expense | 620,000 | 280,000 |
| Tax-exempt interest revenue | - | 15,000 |
Saltine's current year tax rate is 30% and the enacted rate for future years is 40%. What amount should Saltine report as deferred tax expense in its income statement for the year?
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