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Indicate the amounts for Income Tax Expense

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Question - The Snella Company reports 2015 Pre-tax Net Income of $10,000. The following items exist:

Gains from life insurance on executives $50

Accrued revenues $80

Prepaid expense $200

The tax rate is 20%. Indicate the amounts for 2015 Income Tax Expense and 12/31/15 Income Tax Payable, respectively.

a. $2,040, $2,034

b. $1,960, $1,944

c. $1,990, $1,934

d. $1,960, $1,954

e. $1,960, $1,986

Reference no: EM132617153

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