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GarryVolchara [31]
3 years ago
10

In its year 3 income statement, Cere Co. reported income before income taxes of $300,000. Cere estimated that, because of perman

ent differences, taxable income for year 3 would be $280,000. During year 3 Cere made estimated tax payments of $50,000, which were debited to income tax expense. Cere is subject to a 30% tax rate. What amount should Cere report as income tax expense?
Business
1 answer:
Nimfa-mama [501]3 years ago
3 0

Answer:

$84,000

Explanation:

In this case there will arise deferred tax asset as the book profit is more than taxable profit, now

Tax liability = $300,000 X 30% = $90,000

Though out of which deferred tax asset = ($300,000 - $280,000) X 30% = $6,000

Now tax expense for the year = $280,000 X 30% = $84,000

Therefore, Cere should report a tax expense of $84,000

Even though the liability is of $90,000

Final Answer

$84,000

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