Information for Kent Corp. for the year 2016: Reconciliation of pretax accountin
ID: 2446958 • Letter: I
Question
Information for Kent Corp. for the year 2016:
Reconciliation of pretax accounting income and taxable income:
Pretax accounting income $181,400
Permanent differences (14,500)
166,900
Temporary difference-depreciation (13,200)
Taxable income $153,700
Cumulative future taxable amounts all from depreciation temporary differences:
As of December 31, 2015 $13,800
As of December 31, 2016 $27,000
The enacted tax rate was 23% for 2015 and thereafter. What should Kent report as the current portion of its income tax expense in the year 2016?
$35,351.
$38,387.
$41,722.
None of these answer choices are correct
Explanation / Answer
taxable income =153700
tax rate=23%
income tax expense for4 the year 2016 =153700*23%=$35,351