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C is corrent. The current portion of income tax is calculated as taxable income multiplied by the current tax rate. Therefore, this answer is correct because the income tax expense—current portion is $120,000 ($400,000 × 30%).
A is incorrect because $102,000 is the result of adding the deferred tax amount to the result of multiplying financial (book) income by the tax rate ($40,000 x 30% = $12,000; $300,000 x 30% = $90,000; $90,000 + $12,000 = $102,000.
B is incorrect because $90,000 is the result of financial (book) income multiplied by the tax rate ($300,000 x 30%).
D is incorrect because $108,000 is the income tax expense to be recorded on Ajax’s books.