1. A company reported the following financial information: Taxable income for the current year $120,000 Deferred income tax liability, beginning of the year 50,000 Deferred income tax liability, end of the year 55,000 Deferred income tax asset, beginning of the year 10,000 Deferred income tax asset, end of the year 16,000 Current and future years tax rate 35% The current-years income tax expense is what amount? A. $41,000 B. $42,000 C. $43,000 D. $53,000