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Flounder Corp's partial income statement for its first year of operations is as follows: Income before income taxes Income tax expense Current Deferred Net
Flounder Corp's partial income statement for its first year of operations is as follows: Income before income taxes Income tax expense Current Deferred Net income $480000 48990 $1759000 528990 $1230010 Flounder uses straight-line depreciation for financial reporting purposes and CCA for tax purposes. The depreciation expense for the year was $699000. 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?
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