Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At December 3 1 , 2 0 2 0 , Cheyenne Corporation had a deferred tax liability of $ 2 6 , 6 0 0

At December 31,2020, Cheyenne Corporation had a deferred tax liability of $26,600. At December 31,2021, the deferred tax liability is $42,000. The corporation's 2021 current tax expense is $48,300. What amount should Cheyenne report as total 2021 income tax expense?
Total income tax expense for 2021
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Governmental and Nonprofit Accounting

Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi

10th edition

132751267, 978-0132751261

Students also viewed these Accounting questions