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Pretax financial statement income for the year ended December 31, 2018, was $25 million for Scott Pen Company. Scott's taxable income was $30 million. This
Pretax financial statement income for the year ended December 31, 2018, was $25 million for Scott Pen Company. Scott's taxable income was $30 million. This was a result of differences between depreciation for financial reporting purposes and tax purposes. The enacted tax rate is 30% for 2018 and 40% thereafter. what amount should Scott report as the current portion of income tax expense for 2018? Multiple Choice $7.5 million $ 9 million $10 million $12 million
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