During 2020, Crane Inc. had sales revenue of $1,328,000, gross profit of $728,000, operating expenses of $398,000, cash dividends of $90,000, other expenses and losses of $40,000. Its corporate tax rate is 30%. What was Crane's income tax expense for the year?- $87,000- $398,000- $60,000- $180,000

Income tax expense : Income tax expense is the taxes owed by the company to a taxing authority.…

Answered: During 2020, Crane Inc. had sales…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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During 2020, Crane Inc. had sales revenue $1328000, gross profit $728000, operating expenses $398000, cash dividends $90000, other expenses and losses $40000. Its corporate tax rate is 30%. What was Crane's income tax expense for the year? O $87000 O $398000 O $60000 O $180000