[08] Columbia Corp.'s partial income statement for its first year of operations is as follows

Income before income taxes $1,750,000

Income tax expense

Current $ 483,000

Deferred 42,000 525,000

Net income $1,225,000

Columbia uses straight-line depreciation for financial reporting purposes and CCA for tax purposes. The depreciation expense for the year was $ 700,000. Except for depreciation, there were no other differences between accounting income and taxable income. Assuming a 30% tax rate, what amount was claimed for CCA on the corporation's tax return for the year?

Select one:

a.

$ 560,000

b.

$ 665,000

c.

$ 700,000

d.

$ 840,000

e.

None of the above answers are correct