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C e ntenprogressetalse eBook Calculator Printem Problem 3-10 (LO. 2) Cortez, Inc., reports $600,000 of...

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C e ntenprogressetalse eBook Calculator Printem Problem 3-10 (LO. 2) Cortez, Inc., reports $600,000 of pretax book net income in 2019. Cortez's book depreciation exceeds tax depreciation that year by $20,000. The corporation reports no other temporary or permanent book-tax differences. Cortez's pertinent U.S. tax rate is 21%, and Cortez earns an after-tax rate of return on capital of 8%. For 2019, compute the following for Cortez, Inc. a. Current income tax expense 620,000 X b. Deferred Income tax expense s 130,000 X 126,000 c. Total income tax expense Feedback Check My Wor The deferred component of the book tax expense is called the deferred tax expense or deferred tax benefit. This component represents the future tax cost (or savings) connected with income reported in the current period financial statement

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