Question: Sneed Corp reported balances in the following accounts for the current year: beginning ending income tax payable 5 0 5 5 deferred tax liability 8

Sneed Corp reported balances in the following accounts for the current year:
beginning ending
income tax payable 5055
deferred tax liability 8085
Deferred tax asset 7550
income tax expense was 230 for the year. Tax rate 25%. Firm does not have permanent difference during the year. differences. The firmwhat was the amount paid for taxes?

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