Question: At December 31, 2014, Branson Real Estate reported a current liability for income tax payable of $105,000. During 2015, Branson earned income of $1,040,000 before

At December 31, 2014, Branson Real Estate reported a current liability for income tax payable of $105,000. During 2015, Branson earned income of $1,040,000 before income tax. The company’s income tax rate during 2015 was 36%. Also during 2015, Branson paid income taxes of $333,200. How much income tax payable did Branson Real Estate report on its at December 31, 2015? How much income tax expense did Branson report on its 2015 income statement?

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