Complete the following statement by filling in the blank with the correct option from the parenthesis.
An income statement that reports current tax expense of $82,400 and deferred tax benefit of $22,300 will report total income tax expense of $_____.
Deferred Tax Benefit:
A decrease in a company's current tax obligation due to transitory discrepancies between an asset or liability's tax base and its financial reporting basis is in accounting as a deferred tax benefit.
Answer and Explanation: 1
Income tax expenses are $60,100.
Current tax expense = $82,400
Deferred tax benefit = $22,300
Computation of total income tax:...
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fromChapter 8 / Lesson 3
Explore methods of calculating corporate income taxes by deferred tax benefits. Examine inter-period tax allocation, review the balance sheet approach of ASC 740, view a balance sheet presentation, and see the current period tax expense impact.