Howard Company reported a deferred tax liability of $15,000 and pretax financial statement income of $280,000...

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Howard Company reported a deferred tax liability of $15,000 and pretax financial statement income of $280,000 in its December 31, 2023, financial statements. Taxable income was $400,000 for 2024. At December 31, 2024, Howard Company had future taxable amount of $0 and future deductible amount of $90,000. Assume the enacted tax rate is 30%. What should Howard report as income tax expense on its 2024 income statement? Howard Company reported a deferred tax liability of $15,000 and pretax financial statement income of $280,000 in its December 31, 2023, financial statements. Taxable income was $400,000 for 2024. At December 31, 2024, Howard Company had future taxable amount of $0 and future deductible amount of $90,000. Assume the enacted tax rate is 30%. What should Howard report as income tax expense on its 2024 income statement?

Answer rating: 100% (QA)

2023 pretax financial statement income 280000 2023 deferred tax liability 15000 2024 ... View the full answer