SOURCES Question 10 Crane Corporation's partial income statement after its first year of operations is as follows: $3606000 Income before income taxes Income tax expense Current Deferred Net Income $915000 79200 994200 $2611800 Crane uses the straight-line method of depreciation for financial reporting purposes and accelerated depreciation for tax purposes. The amount charged to depreciation expense on its books this year was $2680000. No other differences existed between book income and taxable income except for the amount of depreciation. Assuming a 20% tax rate, what amount was deducted for depreciation on the corporation's tax return for the current year? $3076000 $721200 15 16 17 18 19 $2680000 $2284000 Click if you would like to Show Work for this question: Open Show Work 25 SUBMIT ANSWER Question Attempts: 0 of 1 used core