E10.15 Reporting the Provision for Income Taxes. Smith & Sons Company presented the following information in the income tax footnote in its annual report:

Note 13. Income Taxes Provision for income taxes includes the following (in thousands)

Current payable End-of-year

U.S. ....................................................... $4,028

Foreign .................................................... 438

Deferred

U.S. ....................................................... 2,880

Foreign .................................................... (174)

Total ........................................................ $7,172

How much tax expense did Smith & Sons report on its income statement for the year? How much of the

reported income tax expense was paid currently and how much was deferred to a future period for payment?

What is implied by the negative foreign deferred income taxes of $174

Cash paid for taxes?

Tax deferred (indicate if asset or liability balance)?

Tax expense?

Please give a breakout of the solution - trying to understand this concept