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What amount should be reported for total income tax expense

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Reference no: EM132987344

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

Pretax financial income for 2021 $ 1400000

Tax exempt interest( 142000)

Originating temporary difference( 334000)

Taxable income$ 924000

The temporary difference will reverse evenly over the next 2 years at an enacted tax rate of 30%. The enacted tax rate for 2021 is 25%.

Problem 1: In Pharoah's 2021 income statement, what amount should be reported for total income tax expense?

Option 1: $ 350000

Option 2: $ 331200

Option 3: $ 392600

Option 4: $ 231000

Reference no: EM132987344

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