Mitchell Corporation had income before income taxes of $195,000 in 2012. Mitchells current income tax expense is

Question:

Mitchell had income before income taxes of $195,000 in 2012. Mitchell’s current income tax expense is $48,000, and deferred income tax expense is $30,000. Prepare Mitchell’s 2012 income statement, beginning with Income before income taxes.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...