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What is the total tax expense for the current year

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Reference no: EM132873258

Viking company reported in the income statement for the current year pretax income of $1,000,000. The following items are treated differently in the tax return and in the accounting records:

                                  Tax Return                    Accounting Records

Rent income                     70,000                      120,000

Depreciation                   280,000                        220,000

Premium on officers' life insurance 90,000

Tax rate is 30%. The entity is the beneficiary of the officers' life insurance policies.

Problem 1: What is the total tax expense for the current year?

a) 360,000

b) 300,000

c) 294,000

d) 327,000

Reference no: EM132873258

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