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June Corp.'s books showed pretax financial income of $3,600,000 for the year ended December 31, 2021. In the computation of federal income taxes, the following
June Corp.'s books showed pretax financial income of $3,600,000 for the year ended December 31, 2021. In the computation of federal income taxes, the following data were considered: Gain on an involuntary conversion $1,560,000 (June has elected to replace the property within the statutory period using total proceeds.) Depreciation deducted for tax purposes in excess of depreciation deducted for book purposes 240,000 Federal estimated tax payments, 2021 200,000 Enacted federal tax rate, 2021 20% What amount should June report as its current federal income tax liability on its December 31, 2021 balance sheet? $160,000 $208,000 $360,000 $408,000
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