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Munoz Corp.'s books showed pretax financial income of $3,600,000 for the year ended December 31,2025....

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Accounting

Munoz Corp.'s books showed pretax financial income of $3,600,000 for the year ended December 31,2025. In the computation of federal income taxes, the following data were considered:
Gain on an involuntary conversion
$1,560,000
Depreciation deducted for tax purposes in excess of depreciation deducted for book purposes is $240,000. Enacted federal tax rate for 2025 is 20%.
What amount should Munoz report as its current federal income tax liability on its December 31,2025 balance sheet?
A) $408,000
B) $208,000
C) $360,000
D) $360,000
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