A company prepared the following reconciliation for 2021:

Pretax financial income for 2021 $664,000

Originating temporary difference 12,000

Permanent difference (38,000)

Taxable income $xxxx (Figure this amount out on your own.

Note: the parentheses outside

the permanent difference mean

subtraction).

The temporary difference will reverse evenly over the next two years (i.e., 2022 and 2023). The enacted income tax rates are 35% for 2021 and 2022, and 30% for 2023.

Compute the companys income tax expense for 2021.

A company prepared the following reconciliation for 2021: Pretax financial income for 2021 $664,000 Originating temporary difference 12,000 Permanent difference (38,000) Taxable income $xxxx (Figure this amount out on your own. Note: the parentheses outside the permanent difference mean subtraction). The temporary difference will reverse evenly over the next two years (i.e., 2022 and 2023). The enacted income tax rates are 35% for 2021 and 2022, and 30% for 2023. Compute the company's income tax expense for 2021