11/29/23, 8:12 AM
Question 6 of 100 - Quiz Two
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Shef±eld Corp.'s partial income statement for its ±rst year of operations is as follows:
Income before income taxes
$1749000
Income tax expense
Current
$480000
Deferred
51000
531000
Net income
$1218000
Shef±eld uses straight-line depreciation for ±nancial reporting purposes and CCA for tax
purposes. The depreciation expense for the year was $695000. Except for depreciation, there
were no other differences between accounting income and taxable income. Assuming a 30% tax
rate, what amount was claimed for CCA on the corporation's tax return for the year?
$695000
$587000
$690100
$865000
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