Question: For the year ended December 31, 2015, Pering Co. reported pretax financial income of $550,000. Its current tax expense was $144,000. Pering reported a difference

For the year ended December 31, 2015, Pering Co. reported pretax financial income of $550,000. Its current tax expense was $144,000. Pering reported a difference between pretax financial statement income and taxable income. This difference is due to accelerated depreciation for income tax purposes. Perings effective income tax rate is 30% and Pering made estimated tax payments during 2015 of $75,000. What amount did Paring report as taxable income for 2015?

$405,000

$475,000

$480,000

$550,000

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