Cullumber Corporation prepared the following reconciliation for its first year of operations: ...
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Accounting
Cullumber Corporation prepared the following reconciliation for its first year of operations:
Pretax financial income for 2021
$3300000
Tax exempt interest
(162000)
Originating temporary difference
(474000)
Taxable income
$2664000
The temporary difference will reverse evenly over the next 2 years at an enacted tax rate of 30%. The enacted tax rate for 2021 is 20%. What amount should be reported in its 2021 income statement as the current portion of its provision for income taxes?
$532800
$799200
$660000
$990000
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