Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. wildhorse corporation's partial income statement a

Wildhorse Corporation's partial income statement after its first year of operations is as follows: ...

50.1K

Verified Solution

Question

Accounting

Wildhorse Corporation's partial income statement after its first year of operations is as follows:

Income before income taxes: $3714000

Income tax expense:

Current: $1005000

Deferred: $87300 $1092300

Net Income: $2621700

Wildhorse uses the straight-line method of depreciation for financial reporting purposes and accelerated depreciation for tax purposes. The amount charged to depreciation expense on its books this year was $2770000. No other differences existed between book income and taxable income except for the amount of depreciation. Assuming a 20% tax rate, what amount was deducted for depreciation on the corporation's tax return for the current year?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students