87.

Legolas Corp. uses the straight-line method of depreciation for financial reporting purposes and accelerated depreciation for tax purposes. No other differences exist between book income and taxable income. Legolas Corp. reports the following information in its financial statements for 2021, its first year of operations:

Item	Amount
Depreciation expense	$264,000
Current portion of income tax expense	$481,000
Deferred portion of income tax expense	$39,000
Total income tax expense	$520,000
Tax rate for all years	30%

What amount was deducted for depreciation on Legolas Corp.s tax return for 2021?

$275,700

$394,000

$134,000

$130,000