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Saltine Incs income statement for its first year of operations shows pretax income of $9,000,000....

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Accounting

Saltine Incs income statement for its first year of operations shows pretax income of $9,000,000. In addition, the following differences existed between Saltine's tax return and records:

Tax return

Accounting records

Uncollectible accounts expense

$ 460,000

$ 550,000

Depreciation expense

620,000

280,000

Tax-exempt interest revenue

-

15,000

Saltine's current year tax rate is 30% and the enacted rate for future years is 40%. What amount should Saltine report as deferred tax expense in its income statement for the year?

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