Abbot Corporation reported pretax book income of $600,000 in 2018. Included in the computation were favorable...
Abbot Corporation reported pretax book income of $600,000 in 2018. Included in the computation were favorable temporary differences of $150,000, unfavorable temporary differences of $50,000, and an unfavorable permanent differences of $40,000. Abbot’s current income tax expense for 2018 would be:
a. 126,000
b. 117,600
c. 113,400
d.105,000
Homework Answers
| Pretax Book Income | 600000 |
| - favorable temporary differences | 150000 |
| + unfavorable temporary differences | 50000 |
| + unfavorable permanent difference | 40000 |
| Taxable Income | 540000 |
| Less: Tax | x 21% |
| Current income tax expense | $ 1,13,400.00 |
| Option c is correct |
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Abbot Corporation reported pretax book income of $600,000 in
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