Assume that the YR08 tax return for General Motors Inc. correctly showed a 'total tax' of...

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Assume that the YR08 tax return for General Motors Inc. correctly showed a 'total tax' of $200, no tax credits or penalties, and a 'tax due' of $80. Also assume that the correct deferred tax balances for YR08 were as follows: Account Balance at December 31, YR08 10dr 40 cr DTA DTL Balance at January 1, YR08 O dr 5 cr 40 cr Income Tax Payable 80 cr Based solely on this information, the total income tax expense to be reported on the company's income statement for the year ended December 31, YR08 is: Assume that the YR08 tax return for General Motors Inc. correctly showed a 'total tax' of $200, no tax credits or penalties, and a 'tax due' of $80. Also assume that the correct deferred tax balances for YR08 were as follows: Account Balance at December 31, YR08 10dr 40 cr DTA DTL Balance at January 1, YR08 O dr 5 cr 40 cr Income Tax Payable 80 cr Based solely on this information, the total income tax expense to be reported on the company's income statement for the year ended December 31, YR08 is:

Answer rating: 100% (QA)

To determine the total income tax expense for the year ended December 31 YR08 we need to consider bo... View the full answer