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Question - Columbia Corp.'s partial income statement for its first year of operations is as follows
Income before income taxes $1,750,000
Income tax expense
Current $483,000
Deferred 42,000 525,000
Net income $1,225,000
Columbia uses straight-line depreciation for financial reporting purposes and CCA for tax purposes. The depreciation expense for the year was $ 700,000. Except for depreciation, there were no other differences between accounting income and taxable income. Assuming a 30% tax rate, what amount was claimed for CCA on the corporation's tax return for the year?
a. $560,000
b. $665,000
c. $700,000
d. $840,000
e. None of the above answers are correct
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