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10. Sheridan Corp. prepared the following reconciliation of income per books with income per tax return for the year ended December 31, 2021: Book income
10. Sheridan Corp. prepared the following reconciliation of income per books with income per tax return for the year ended December 31, 2021:
Book income before income taxes | $ 2630000 |
Add temporary difference | |
Construction contract revenue which will reverse in 2022 | 233000 |
Deduct temporary difference | |
Depreciation expense which will reverse in equal amounts in | |
each of the next four years | ( 943200) |
Taxable income | $ 1919800 |
Sheridan's effective income tax rate is 25% for 2021. What amount should Sheridanreport in its 2021 income statement as the current provision for income taxes?
A) $ 479950
B) $ 657500
C) $ 715750
D) $ 58250
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