Reference no: EM132920815
Frey Corporation's income statement for the year ended December 31, 2002, shows pretax income of ?1,000,000. The following items are treated differently on the tax return and in the accounting records:
TaxReturn AccountingRecords
Rent income ? 70,000 ?120,000
Depreciation expense 280,000 220,000
Premiums on officers' life insurance - 90,000
Frey's tax rate for 2002 is 30 percent.
Problem 1: How much is the income tax expense for 2002?
Problem 2: How much is the current tax expense for 2002?
Problem 3: How much is the deferred tax expense (benefit) for 2002?
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