During 20X1, a company reported an increase in the deferred tax liability account of $47,790, a decrease in the deferred tax asset account of $17,225, and an income tax liability as per the 20X1 income tax return of $198,375. What is the income tax expense to be reported on the income statement for the year ending December 31, 20X1?

Multiple Choice

• a. $167,810

• b. $228,940

• c. $198,375

• d. $263,390