Please show your work zeff co prepared the following

Reference no: EM13600995

(Please show your work) Zeff Co. prepared the following reconciliation of its pretax financial statement income to taxable income for the year ended December 31, Year 1, its first year of operations:

Pretax financial income $160,000
Nontaxable interest received on municipal securities (5,000)
Long-term loss accrual in excess of deductible amount 10,000
Depreciation in excess of financial statement amount (25,000)
Taxable income $140,000

Zeff's tax rate for Year 1 is 40%.

In its Year 1 income statement, what amount should Zeff report as income tax expense-current portion?

Reference no: EM13600995

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