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Question - Joy corporation prepared the following reconciliation of income per books with income per tax return for the year ended December 31, 2008:

Book income before income taxes $750,000

Add temporary difference:Construction contract

revenue that will reverse in 2009 100,000

Deduct temporary difference:Depreciation expense

that will reverse in equal amounts in each of

the next four years (400,000)

Taxable income $450,000

Joy's income tax rate is 35% for 2008.

1. What amount should Joy report in its 2008 income statement as the current provision for income taxes?

2. How much should Joy report as deferred income taxes on the income statement in 2008?

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