Frey corporation income statement for the year ended december 31,2005, shows pretax income of $1,000,000. the following items are treated differently on the tax return and in the accounting records:
- tax return accounting records
- rent income $70,000 $120,000
- depreciation expense 270,000 220,000
- premiums on officers life insurance _ 90,000
Assume that freys tax rate for 2005 is 30%. what is the amount of income tax payable for 2004?