Business, 05.05.2020 20:20, paulesparsa6
Pretax financial statement income for the year ended December 31, 2018, was $25 million for Scott Pen Company. Scott’s taxable income was $30 million. This was a result of differences between depreciation for financial reporting purposes and tax purposes. The enacted tax rate is 30% for 2018 and 40% thereafter. What amount should Scott report as the current portion of income tax expense for 2018?
a. $7.5 millionb. $ 9 millionc. $ 10 milliond. $ 12 million
Answers: 1
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Pretax financial statement income for the year ended December 31, 2018, was $25 million for Scott Pe...
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