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What amount should be reported for total income tax expense

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

Pretax financial income for 2021 $1650000

Tax exempt interest (147000)

Originating temporary difference (344000)

Taxable income $1159000

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%.

In Wildhorse's 2021 income statement, what amount should be reported for total income tax expense?

Reference no: EM133078358

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