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What amount should grim report as current provision

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Reference no: EM131876355

For the year ended December 31, year 1, Grim Co.'s pretax financial statement income was $200,000 and its taxable income was $150,000. The difference is due to the following:

Interest on municipal bonds $70,000 Premium expense on keyman life insurance (20,000) Total $50,000 Grim's enacted income tax rate is 30%. In its year 1 income statement, what amount should Grim report as current provision for income tax expense?

Reference no: EM131876355

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