Problem
Information for Kent Corp. for the year 2016:
Reconciliation of pretax accounting income and taxable income:
|
Pretax accounting income
|
$178,900
|
|
Permanent differences
|
(16,400)
|
|
|
162,500
|
|
Temporary difference-depreciation
|
(11,900)
|
|
Taxable income
|
$150,600
|
Cumulative future taxable amounts all from depreciation temporary differences:
As of December 31, 2015 $14,400
As of December 31, 2016 $26,300
The enacted tax rate was 25% for 2015 and thereafter.
What should Kent report as the current portion of its income tax expense in the year 2016?