Howell Corporation reported income tax expense of $340,000,000 on its 2020 income statement and income taxes payable

Question:

Howell Corporation reported income tax expense of $340,000,000 on its 2020 income statement and income taxes payable of $297,000,000 at December 31, 2019, and $522,000,000 at December 31, 2020. What amount of cash payments were made for income taxes during 2020?

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...

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