Question: I need help with this general accounting question using the proper accounting approach. Madison Co. reported a pretax accounting income of $1,800,000 for the year

I need help with this general accounting question using the proper accounting approach.

Madison Co. reported a pretax accounting income of $1,800,000 for the year 2023. The following information is also provided: Interest income from tax-exempt municipal bonds: $50,000 Excess of tax depreciation over book depreciation: $150,000 Estimated tax payments made during the year: $390,000 Corporate tax rate: 28% What amount of current federal income tax liability should Madison Co. report on its December 31, 2023 balance sheet

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