Marlin Corporation reported pretax book income of $1,020,000. During the current year, the net reserve for warranties increased by $29,000. In addition, book depreciation exceeded tax depreciation by $102,000. Finally, Marlin subtracted a dividends received deduction of $17,000 in computing its current year taxable income. Marlin's current income tax expense or benefit would be:

Marlin's current income tax expense is $238,140.

Explanation:

Using the US current corporate tax rate of 21%, Marlin's current income tax expense or benefit can be determined by taking into consideration the effects of other revenue and expenses items on the pretax income to obtain taxable income as as follows:

Particulars                                                    Amount ($)  

Pretax book income                                     1,020,000

Increase in net reserve for warranties            29,000

Amount of depreciation exceeded                102,000

Dividends received deduction                        (17,000)  

Taxable income                                             1,134,000

Tax expense (21% * $1,134,000)                   (238,140)  

Income after tax                                             895,860  

Therefore, Marlin's current income tax expense is $238,140.

Note:

Marlin's current income tax expense is obtained as follows:

Tax expense = Tax rate * Taxable income = 21% * $1,134,000 = $238,140.

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