Unitroj Inc., reported pretax financial accounting income in 2011, 2012, 2013 and 2014 of $100 million. In
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Compensation expense of $3 million related to employee stock option plans granted to organizers was reported in the 2011 income statement. In addition, Unitroj received $1 million each year in interest income from investments in municipal bonds.
Determine the income tax expense for 2011 and 2012. Be sure to show supporting computations.
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