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Business, 19.12.2019 20:31 carter283

Gravel, inc., earns book net income before tax of $600,000. gravel puts into service a depreciable asset this year, and its first-year tax depreciation exceeds book depreciation by $120,000. gravel has recorded no other temporary or permanent book-tax differences. assuming that the u. s. tax rate is 21%, what is gravel's current income tax expense reported on its gaap financial statements?

a.$151,200
b.$25,200
c.$100,800
d.$126,000

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Gravel, inc., earns book net income before tax of $600,000. gravel puts into service a depreciable a...
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