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In 2020, a company collected $34,000 in advance for rental of a building for the next year. $34,000 was reported as taxable income in 2020,
In 2020, a company collected $34,000 in advance for rental of a building for the next year. $34,000 was reported as taxable income in 2020, but was reported as unearned revenue for book purposes at December 31, 2020. The company has a tax rate of 30% and taxable income of $377,000 at the end of 2020. There were no deferred taxes at the beginning of 2020. What is the amount of income tax expense for 2020?
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