For the year ended december 31, year 5, pering co. reported pretax financial income of $550,000. its current 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. pering’s effective income tax rate is 30% and pering made estimated tax payments during year 5 of $75,000. what amount did paring report as taxable income for year 5?
405,000
480,000
475,000
550,000