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E3.21 For its fiscal year 2018, Home Depot reported income before taxes of $14,556 million, income tax expense of $3,435 million, and net income of
E3.21 For its fiscal year 2018, Home Depot reported income before taxes of $14,556 million, income tax expense of $3,435 million, and net income of $11,121 million. Home Depots net operating profit before tax was $ 15,524 million and financial expense before tax of $958 million. Using a statutory tax rate of 21 percent, calculate Home Depots income tax expense allocation between operating and financing activities.
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