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den301095 [7]
3 years ago
11

Determine income tax expense under the current situation:Taxable income during the year: $220 millionChange in future taxable am

ounts during the year: $16 millionTax rate: 25%.
Business
1 answer:
MatroZZZ [7]3 years ago
7 0

Answer: $51 million

Explanation:

Based on the values given in the question, the income tax expense would be calculated as:

Taxable Income = $220 million

Less : Deferred Income = $16 million

Form the above, we would then calculate the tax expense as:

= 25% × ($220 - $16)

= 25% × $204 million

= 0.25 × $204 million.

= $51 million

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