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What amount should be reported for total income

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Question - AAA prepared the following reconciliation for its first year of operations:

Pretax financial income for 2021 $ 1,800,000

Tax exempt interest (150,000)

Originating temporary difference (350,000)

Taxable income $1,300,000

The temporary difference will reverse evenly over the next two years at an enacted tax rate of 30%.

The enacted tax rate for 2021 is 25%. In AAA's 2021 income statement, what amount should be reported for total income tax expense?

Reference no: EM132526801

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