At December 31, 2014, Appaloosa Corporation had a deferred tax liability of $25,000. At December 31, 2015,

Question:

At December 31, 2014, Appaloosa had a deferred tax liability of $25,000. At December 31, 2015, the deferred tax liability is $42,000. The corporation's 2015 current tax expense is $48,000. What amount should Appaloosa report as total 2015 income 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...