Problem - Cullumber Corp.'s 2018 income statement showed pretax accounting income of $2600000. To compute the federal income tax liability, the following 2018 data are provided:
Income from exempt municipal bonds $101000
Depreciation deducted for tax purposes in excess of depreciation deducted for financial statement purposes 210000
Estimated federal income tax payments made 520000
Enacted corporate income tax rate 30%
What amount of current federal income tax liability should be included in Cullumber's December 31, 2018 balance sheet?
$686700
$260000
$166700
$229700