Information for kent corp. for the year 2016:

reconciliation of pretax accounting income and taxable income:

pretax accounting income $181,000
permanent differences
(15,400)

165,600
temporary difference-depreciation
(12,800)

taxable income
$152,800

cumulative future taxable amounts all from depreciation temporary differences:

as of december 31, 2015 $12,600
as of december 31, 2016 $25,400

the enacted tax rate was 20% for 2015 and thereafter.

what should kent report as the current portion of its income tax expense in the year 2016?

$30,560

Explanation:

The computation of the income tax expense for the year 2016 is shown below:

= Taxable income  × enacted tax rate

= $152,800 × 20%

= $30,560

Simply we multiply the taxable income with the enacted tax rate so that the correct amount of income tax expense can come

All other information which is given is not relevant. Hence, ignored it

There are many ways a taxpayer can trigger a realization event.  She can trigger it through a sale or trade by receiving a value greater than the disposed asset.  She can also trigger a realization event by making a gift to charity.  Other ways include disposal, for example, to a landfill and destruction through natural disaster.  In the latter cases, there is a loss to the taxpayer.  With a natural disaster, the taxpayer can only obtain a realization gain if reimbursed by the insurance company.

Explanation:

A realization event happens when there is a sale or a disposal of an asset or a discharge from a liability.  There is usually an increase in the value realized from the disposal, which is greater than the asset's value before disposal. It also happens when the taxpayer receives a relief from a liability or completes a profitable transaction.