Reference no: EM132972124
Kookie Corporation, Inc., 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
Kookie 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. Assume a 30% tax rate for the year.
Problem 1: What amount was claimed for CCA on the corporation's tax return for the year?
a. $560,000.
b. $665,000
c. $140,000.
d. $700,000.
e. $840,000.
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