For calendar 2020, Peanuts Corp. prepared the following reconciliation of accounting income to taxable income: $\begin{array}{lr}
\text { Pre-tax accounting income } & \$ 750,000 \
\text { Addreversible difference } & \
\quad \text { Construction contract revenue which will reverse in } 2021 & 100,000 \
\text { Deduct reversible difference } & \
\quad \text { Depreciation expense, which will reverse in equal amounts in } & \
\quad \text { each of the next four years } & \underline{(400,000)} \
\text { Taxable income } & \$ 450,000
\end{array}$ Peanut's income tax rate is 25% for 2020. What amount should the corporation report in its 2020 income statement as current income tax expense?

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The Answer of For calendar 2020, Peanuts Corp. prepared the following reconciliation of accounting income to taxable income: $\begin{array}{lr}
\text { Pre-tax accounting income } & \$ 750,000 \
\text { Addreversible difference } & \
\quad \text { Construction contract revenue which will reverse in } 2021 & 100,000 \
\text { Deduct reversible difference } & \
\quad \text { Depreciation expense, which will reverse in equal amounts in } & \
\quad \text { each of the next four years } & \underline{(400,000)} \
\text { Taxable income } & \$ 450,000
\end{array}$ Peanut's income tax rate is 25% for 2020. What amount should the corporation report in its 2020 income statement as current income tax expense?

For Calendar 2020, Peanuts Corp Peanut's Income Tax Rate Is 25% for 2020