On December 31, Year 1, ABC Corp had a deferred tax asset of $56,470. On December 31, Year 2, the deferred tax asset is $87,520. The company's Year 2 current tax expense is $98,790. What amount should the company report as total Year 2 income tax expense? 1. $62,660 2. $64,353 3. $66,047 4. $67,740 5. $69.434
On December 31, Year 1, ABC Corp had a deferred tax asset of $56,470. On December 31, Year 2, the deferred tax asset is $87,520. The company's Year 2 current tax expense is $98,790. What amount should the company report as total Year 2 income tax expense? 1. $62,660 2. $64,353 3. $66,047 4. $67,740 5. $69.434
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On December 31, Year 1, ABC Corp had a deferred tax asset of $56,470. On December 31, Year 2, the deferred tax asset is $87,520. The company's Year 2 current tax expense is $98,790. What amount should the company report as total Year 2 income tax expense?
1. $62,660
2. $64,353
3. $66,047
4. $67,740
5. $69.434
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