The corporate income tax estimate for the current year is $420,000.

 
   

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The corporate income tax estimate for the current year is $420,000. The settlement of corporate income tax due for last year resulted in a credit balance of $10,000 outstanding on the income tax account. Deferred tax was estimated to require an increase of $18,000 in the balance sheet provision. The corporate income tax charge for the year in the income statement and the current liability due in less than one year, corporate income tax on the balance sheet should be: