Question: For the year ended December 31, 2018, Pering Co. reported pretax financial income of $550,000. Its current tax expense (excluding deferred tax expense) was $144,000.

For the year ended December 31, 2018, Pering Co. reported pretax financial income of $550,000. Its current tax expense (excluding deferred 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 2018 of $75,000. What amount did Paring report as taxable income for 2018?

Multiple Choice

405,000

480,000

475,000

550,000

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