7. The company reported pretax income of 800,000 for the current year. In the computation of income taxes, the following data were considered. Nontaxable gain 350,000 Depreciation deducted for tax purposes in excess of depreciation for book purposes 50,000 Estimated tax payments during the current year 70,000 Enacted tax rate 30% How much is the current tax liability at year end? a) 135,000 b) 65,000 c) 50,000 d) 120,000