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What amount should montecito report as income tax expense

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Reference no: EM133041857

Problem - The following information relates to Montecito Company for three year ended December 31, 2019. Montecito did not have any deferred tax account balances at the beginning of the year.

Pre-tax Financial income {GAAP} $240,000

Tax depreciation in excess of book depreciation 15,900

Interest received on state obligations 19,900

The corporate tax rate for Monteeito is 34%. What amount should Montecito report as income tax Expense for the year ended December 31, 2019?

Reference no: EM133041857

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