Lantos Company had a 40 percent tax rate. Given the following pre-tax amounts, what would be the income tax expense reported on the face of the income statement?

 

Sales revenue	$ 1000000
Cost of goods sold	600000
Salaries and wages expense	80000
Depreciation expense	110000
Dividend revenue	90000
Utilities expense	10000
Discontinued operations loss	100000
Interest expense	20000

Answer rating: 100% (QA)

Solution Given Sales revenue1000000 Cost of goods s... View the full answer