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Question 15 Oriole Corp.'s books showed pretax financial income of $2700000 for the year ended December 31, 2018. In the computation of federal income taxes,
Question 15 Oriole Corp.'s books showed pretax financial income of $2700000 for the year ended December 31, 2018. In the computation of federal income taxes, the following data were considered Gain on an involuntary conversion (Oriole has elected to replace the property within the statutory $1110000 period using total proceeds.) Depreciation deducted for tax purposes in excess of depreciation deducted for book purposes Federal estimated tax payments, 2018 Enacted federal tax rate, 2018 231000 291000 40% What amount should Oriole report as its current federal income tax liability on its December 31, 2018 balance sheet? O $543600 o $636000 O$252600 $345000 Click if you would like to Show Work for this question: Open Show Work
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