Exercise 19-1 (Part Level Submission)

Larkspur Corporation has one temporary difference at the end of 2017 that will reverse and cause taxable amounts of $58,600 in 2018, $64,100 in 2019, and $69,000 in 2020. Larkspurs pretax financial income for 2017 is $289,500, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2017.

Prepare the income tax expense section of the income statement for 2017, number e.g.-45 or parentheses e.g. (45). Larkspur Corporation Income Statement (Partial) For the Year Ended December 31, 2017 Income before Income Taxes Income Tax Expense Current Deferred Net Income/(Loss)