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Business, 31.12.2019 01:31 dmurdock1973

Haag corp.'s 2015 income statement showed pretax accounting income of $1,250,000. to compute the federal income tax liability, the following 2017 data were provided:

income from exempt municipal bonds $50,000
depreciation deducted for tax purposes in excess of depreciation
deducted for financial statement purposes $100,000
estimated federal income tax payments made $250,000
enacted corporate income tax rate 30%

what amount of current federal income tax liability should have been included in hagg's december 31, 2017, balance sheet?

$80,000
$110,000
$125,000
$330,000

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