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Problem
Information for Kent Corp. for the year 2016:
Reconciliation of pretax accounting income and taxable income:
Pretax accounting income
$178,900
Permanent differences
(16,400)
162,500
Temporary difference-depreciation
(11,900)
Taxable income
$150,600
Cumulative future taxable amounts all from depreciation temporary differences:
As of December 31, 2015 $14,400 As of December 31, 2016 $26,300
The enacted tax rate was 25% for 2015 and thereafter.
What should Kent report as the current portion of its income tax expense in the year 2016?
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