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Leer Corp.’s pretax income in year 1 was $100,000. The temporary differences between amounts reported in the financial statements and the tax return are as follows:
• Depreciation in the financial statements was $8,000 more than tax depreciation.
• The equity method of accounting resulted in financial statement income of $35,000. A $25,000 dividend was received during the year, which is eligible for the 80% dividends received deduction.
Leer’s effective income tax rate was 30% in year 1. In its year 1 income statement, Leer should report a current provision for income taxes of