For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference $370,000 (15,200) 354,800 (20,700) $334,100 Temporary difference-depreciation Taxable income Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as its income tax expense for its first year of operations? Multiple Choice $92,500. $88,700. $83,525 O O $5,175. Which of the following differences between financial accounting and tax accounting ordinarily creates a deferred tax asset? Multiple Choice Depreciation early in the life of an asset. Unrealized gain from recording Investments at fair value. Subscriptions collected in advance. None of these answer choices are correct. Alamo Inc. had $320 million in taxable income for the current year. Alamo also had a decrease in deferred tax assets of $34 million and an increase in deferred tax liabilities of $55 million. The company is subject to a tax rate of 25%. The total income tax expense for the year was: Multiple Choice $186 million $399 million. O $169 million $152 million. O Estimated employee compensation expenses earned during the current period but expected to be paid in the next period causes: Multiple Choice An Increase in a deferred tax asset. A decrease in a deferred tax asset. An Increase in a deferred tax liability. A decrease in a deferred tax liability