None Pretax financial statement income for the year ended December 31, 2024 was $180 million for WiltonCompany. Wilton's taxable income was $120 million. This was a result of differences between depreciationfor financial reporting purposes and tax purposes. The enacted tax rate is 20% for 2024 and 25%thereafter. What amount should Wilton report as the current portion of income tax expense for 2024?$45 million$24 million$30 million$36 million

Current portion of income tax means income taxes payable which is based on taxable income and…

Pretax financial statement income for the year ended December 31, 2024 was $180 million for Wilton Company. Wilton's taxable income was $120 million. This was a result of differences between depreciatio for financial reporting purposes and tax purposes. The enacted tax rate is 20% for 2024 and 25% thereafter. What amount should Wilton report as the current portion of income tax expense for 2024? O $45 million

Pretax financial statement income for the year ended December 31, 2024 was $180 million for Wilton Company. Wilton's taxable income was $120 million. This was a result of differences between depreciatio for financial reporting purposes and tax purposes. The enacted tax rate is 20% for 2024 and 25% thereafter. What amount should Wilton report as the current portion of income tax expense for 2024? O $45 million

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter14: Taxes On The Financial Statements

Section: Chapter Questions

Problem 4BCRQ

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