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Eckert Corporation's partial income statement after its first year of operations is as follows:

Eckert uses the straight-line method of depreciation for financial reporting purposes and accelerated depreciation for tax purposes. The amount charged to depreciation expense on its books this year was $1,500,000. No other differences existed between book income and taxable income except for the amount of depreciation. Assuming a 30% tax rate, what amount was deducted for depreciation on the corporation's tax return for the current year?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9412516

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