Pretax financial income for Lake Inc. is $300,000, and itstaxable income is $100,000 for 2018. Its only temporarydifference at the end of the period relates to a $70,000 differencedue to excess depreciation for tax purposes. If thetax rate is 40% for all periods, compute the amount ofincome tax expense to report in 2018. No deferred incometaxes existed at the beginning of the year.
Pretax financial income for Lake Inc. is $300,000, and its
taxable income is $100,000 for 2018. Its only temporary
difference at the end of the period relates to a $70,000 difference
due to excess depreciation for tax purposes. If the
tax rate is 40% for all periods, compute the amount of
income tax expense to report in 2018. No deferred income
taxes existed at the beginning of the year.
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