What amount of current federal income tax liability should


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

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