Cain Corp.'s 2008 income statement showed pretax accounting income of $750,000. To compute the federal income tax liability, the following 2008 data are provided:
Income from exempt municipal bonds $ 30,000
Depreciation deducted for tax purposes in excess of depreciation
deducted for financial statement purposes 60,000
Estimated federal income tax payments made 132,000
Enacted corporate income tax rate 30%
What amount of current federal income tax liability should be included in Cain's December 31, 2008 balance sheet?
a. $48,000
b. $66,000
c. $75,000
d. $198,000