Question - Blossom Corporation's partial income statement after its first year of operations is as follows:
Income before income taxes $3726000
Income tax expense Current $1015000
Deferred 882001103200
Net income $2622800
Blossom 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 $2780000. No other differences existed between book income and taxable income except for the amount of depreciation. Assuming a 30% tax rate, what amount was deducted for depreciation on the corporation's tax return for the current year?
$2486000
$1117800
$2780000
$3074000