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21. Wayne Co. had a decrease in deferred tax liability of S25 million, a decrease in deferred tax assets of $15 million, and an increase
21. Wayne Co. had a decrease in deferred tax liability of S25 million, a decrease in deferred tax assets of $15 million, and an increase in tax payable of S105 million. The company is subject to a tax rate of 25%. The total income tax expense for the year was: $140 million $110 million $95 million S115 million. 22. Information for Kent Corp. for the year 2021 Reconciliation of pretax accounting income and taxable income! Pretax accounting income Permanent differences $ 180,900 (15,500) 165,400 (12,900) $ 152,500 Temporary difference-depreciation Taxable income Cumulative future taxable amounts all from depreciation temporary differences As of December 31, 2020 As of December 31, 2021 S 13,400 $ 26,300 The enacted tax rate was 30% for 2020 and thereafter. What should Kent report as the current portion of its income tax expense in the year 2021 None of these answer choices are correct. $45,750. $54,270 $49,620
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