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What amount should be reported as current tax liability

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Reference no: EM132873784

Pine company reported pretax income of $800,000 for the year ended December 31,2017. In the computation of income taxes, the following data were considered:

Non taxable gain 350,000

Depreciation deducted for tax purposes in excess of depreciation for book purposes 50,000

Estimated tax payments in 2017 70,000

Enacted tax rate 30%

Problem 1: What amount should be reported as current tax liability on December 31, 2017?

a) $135,000

b) $120,000

c) $50,000

d) $65,000

Reference no: EM132873784

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