An entity reports net income before income taxes this year of $300,000. The enacted tax rate is 30%. The entity has reported a $40,000 gain on an installment sale that will not be taxed for two years. The entity has also reported $50,000 in interest revenue from State of Maine bonds. On the entity's income statement, what is reported as current income tax expense?

Answer rating: 100% (QA)

To calculate the current income tax expense reported on the income statement we first need to de... View the full answer