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A company reports pretax accounting income in its income statement (assume there are no permanent differences) of $400,000, but due to temporary differences, taxable income
A company reports pretax accounting income in its income statement (assume there are no permanent differences) of $400,000, but due to temporary differences, taxable income on the company's tax return is only $250,000. Assuming a tax rate of 30%, what amount of income tax expense is reported in the Income Statement? $325,000. $75,000. $175,000. $120,000
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