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For 2022, its first year of operations, Company's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $ 330,000 Permanent
For 2022, its first year of operations, Company's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $ 330,000 Permanent difference (16,000 )314,000 Temporary difference-depreciation (20,400 ) Taxable income $ 293,600 Company's tax rate is 25%.
No estimated taxes have been paid.
What should Corning report as its income tax expense for 2022?
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