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What amount be reported as current provision for income

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Reference no: EM132873300

Grim company reported pretax accounting income of $200,000 and taxable income of $150,000 for the current year. The difference is due to the following:

Interest income on saving deposit 70,000

Premium expense on life insurance (20,000)

Total 50,000

The income tax rate is 30%

Problem 1: What amount should be reported as current provision for income tax expense in the income statement for the current year?

a) $45,000

b) $50,000

c) $60,000

d) 0

Reference no: EM132873300

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