At December 31, 2010, Appaloosa Corporation had a deferred tax liability of $25,000. At December 31, 2011,

Question:

At December 31, 2010, Appaloosa Corporation had a deferred tax liability of $25,000. At December 31, 2011, the deferred tax liability is $42,000. The corporation’s 2011 current tax expense is $48,000.

What amount should Appaloosa report as total 2011 tax expense?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...