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What amount should be reported for total income tax expense

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Question

Crane Corporation prepared the following reconciliation for its first year of operations:

Pretax financial income for 2018$ 1200000

Tax exempt interest(138000)Originating temporary difference(326000)Taxable income$736000

The temporary difference will reverse evenly over the next 2 years at an enacted tax rate of 40%. The enacted tax rate for 2018 is 28%.

In Crane's 2018 income statement, what amount should be reported for total income tax expense?

Reference no: EM132326461

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