What amount should the corporation report

Reference no: EM133655570

Question: For calendar 2023, Peanuts Corp. prepared the following reconciliation of accounting income to taxable income: Pre-tax accounting income $750,000 Add reversible difference Construction contract revenue, which will reverse in 2024 100,000 Deduct reversible difference Depreciation expense, which will reverse in equal amounts in each of the next four years(400,000) Taxable income$450,000 Peanut's income tax rate is 25% for 2023. What amount should the corporation report in its 2023 income statement as current income tax expense?

Reference no: EM133655570

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