Sandeep Corporation had income before income taxes of $230,000 in 2011. Sandeep's current income tax expense is

Question:

Sandeep had income before income taxes of $230,000 in 2011. Sandeep's current income tax expense is $43,000, and future income tax expense is $41,000.
(a) Prepare Sandeep's 2011 income statement, beginning with income before income taxes.
(b) Calculate Sandeep's effective tax rate.
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...