Foyle Corp. prepared the following reconciliation between book income and taxable income for the year ended December 31, 2008: - Book income before income taxes: $1,200,000 - Add: Temporary difference for construction contract revenue expected to reverse in 2009: $160,000 - Deduct: Temporary difference for depreciation expense anticipated to reverse in equal parts over the next four years: ($640,000) - Taxable income: $720,000 Given Foyle's effective income tax rate of 34% for 2008, the current provision for income taxes in the 2008 income statement should be calculated as follows: Taxable income x Effective tax rate = Current provision for income taxes $720,000 x 34% = $244,800 Therefore, Foyle should report $244,800 as the current provision for income taxes in its 2008 income statement.