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Compute the amount of income tax expense

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Question - Bramble financial income for Lake Inc. is $350,000, and its taxable income is $80,000 for 2018. Its only temporary difference at the end of the period relates to a $100,000 difference due to excess depreciation for tax purposes. If the tax rate is 41% for all periods, compute the amount of income tax expense to report in 2018. No deferred income taxes existed at the beginning of the year.

Reference no: EM131631872

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