Diddes effective income tax rate is 34 for 2011. what, Ask an Expert

Accounting

Didde Corp. prepared the following reconciliation of income per books with income per tax return for the year ended December 31, 2011.

Book Income before taxes $1200000
Add Temporary difference $160000
Construction Contract revenue which will reverse in 2012
Deduct Temporary difference ($640000)
Depreciation expense which will reverse in equal amounts in each of the next four years
Taxable Income $720000

Didde's effective income tax rate is 34% for 2011. What amount should Didde report in its 2011 income statement as the current provision for income taxes?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9418433

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