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[49] Kookie Corporation, Inc., partial income statement for its first year of operations is as follows: Income before income taxes $1,750,000 Income tax expense: Current
[49] Kookie Corporation, Inc., 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 42,000 Deferred _(525,000) Net income $1,225,000 Kookie 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. Assume a 30% tax rate for the year. What amount was claimed for CCA on the corporation's tax return for the year? a. $560,000. O b. $665,000 O c. $140,000. O d. $700,000. e. $840,000
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