AC 302 Week 3 Quiz 100% Correct
- University of Phoenix / AC 302
- 25 Aug 2015
- Price: $1
- Other / Other
AC 302 Question 2. Question : Mitchell Corporation prepared the following reconciliation for its first year of operations: Pretax financial income for 2011 $ 900,000 Tax exempt interest (75,000) Originating temporary difference (225,000) Taxable income $600,000 The temporary difference will reverse evenly over the next two years at an enacted tax rate of 40%. The enacted tax rate for 2011 is 35%. In Mitchell- 2011 income statement, what amount should be reported for total income tax expense?
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