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What amount should foyle report

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Question - Foyle Corp. prepared the following reconciliation of income per books with income per tax return for the year ended December 31, 2008:

Book income before income taxes $1,200,000

Add temporary difference

Construction contract revenue which will reverse in 2009 $160,000

Deduct temporary difference

Depreciation expense which will reverse in equal amounts in each of the next four years (640,000)

Taxable income $720,000

Foyle's effective income tax rate is 34% for 2008. What amount should Foyle report in its 2008 income statement as the current provision for income taxes?

a. $54,400

b. $244,800

c. $408,000

d. $462,400

Reference no: EM133039781

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