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Oriole Corp. prepared the following reconciliation of income per books with income per tax return for the year ended December 31, 2021: Book income before
Oriole Corp. prepared the following reconciliation of income per books with income per tax return for the year ended December 31, 2021:
Book income before income taxes | $2610000 |
Add temporary difference | |
Construction contract revenue which will reverse in 2022 | 231000 |
Deduct temporary difference | |
Depreciation expense which will reverse in equal amounts in | |
each of the next four years | (938400) |
Taxable income | $1902600 |
Oriole's effective income tax rate is 25% for 2021. What amount should Oriole report in its 2021 income statement as the current provision for income taxes?
$710250
$475650
$57750
$652500
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