Newbolt Corp. had pretax GAAP income of $192,000 in the current year. The January 1 balance in the Deferred Tax Asset account was $12,000. At the end of the year, the GAAP basis of deferred rent revenue is $60,200 more than the tax basis of deferred rent revenue. There were no other temporary differences. The company's tax rate is 25%. 

What is total income tax expense for the current year?

Answer rating: 100% (QA)

Heres how to calculate the total income tax expense for Newbolt Corp 1 Calculate the Temporary Difference The GAAP basis of deferred rent revenue is 6... View the full answer