Reference no: EM132504749

Question - Whitman Corporation reported pretax book income of $400,000. Book depreciation exceeded tax depreciation by $100,000. In addition, the company accrued vacation pay of $50,000 that was not deductible until paid in the next year. Whitman has a net operating loss carryforward of $200,000 from the prior year. Assuming no valuation allowance, compute the (1) income tax provision (benefit), (2) current income tax expense (benefit), and (3) deferred income tax expense (benefit).