Question: At December 31, 2010, Souza Real Estate reported a current liability for income tax payable of $180,000. During 2011, Souza earned income of $1,200,000 before

At December 31, 2010, Souza Real Estate reported a current liability for income tax payable of $180,000. During 2011, Souza earned income of $1,200,000 before income tax. The company’s income tax rate during 2011 was 36%. Also during 2011, Souza paid income taxes of $370,000.
How much income tax payable did Souza Real Estate report on its at December 31, 2011? How much income tax expense did Souza report on its 2011 income statement?

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