Answer:
$50,153,400
Explanation:
The formula is to increase the income tax expense for the year by any decrease in income tax payable or decrease income tax expense by any increase in income tax payable for the year
Step 1: Calculate the Increase/Decrease in Income tax payable from 2016-2017
=Income tax Payable for 2017= $563,181,600
Income tax Payable for 2016= $274,010,600
=563,181,600-274,010,600= $289,171,000 - This represents an increase in income tax payable from 2016-2017
Step 2: Decrease the Reported Income Tax by the Increase in Income Tax payable as calculated in Step 1.
= $339,324,400-$289,171,000= $50,153,400
Cash Payments made for Income Taxes During 2017 is $50,153,400
